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Singapore fuel oil stockpiles slump amid firm demand

Thursday, 31 October 2024 | 14:00

Onshore storage volumes of fuel oil at the Singapore trading hub plummeted this week, drawing down amid healthier demand for bunker fuel, based on Enterprise Singapore data and market sources.

The inventories fell 23.8% to 15.35 million barrels (about 2.42 million metric tons) in the week to Oct. 29, though the data was released a day earlier and took into account one day less of inventory volume, due to a public holiday on Thursday.

Inventories had hit an 18-week high in the previous week.

Refuelling demand from vessels held strong in recent days as some buyers procured more bunker fuel due to lower prices, which were led by a decline in upstream crude prices this month.

However, the inventories were still higher month-on-month amid a rebound in supplies to Asia this month, calculations based on the data showed.

The onshore stockpiles averaged 17.56 million barrels per week in October, recovering for the first time after trending down for three months.

Total fuel oil imports into the onshore Singapore tanks rose 3% in the week to Oct. 29, holding above 1.3 million tons. Meanwhile, total exports out of the tanks totalled about 668,000 tons, up 62% from the previous week.

Most of the imports were from Brazil and Algeria, while the majority of exports were headed to China, Hong Kong and Sri Lanka. More fuel oil volumes have been heading to China also for the bunkering pool, some sources said.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala)

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