Onshore fuel oil stockpiles at key trading and storage hub Singapore rose for a third straight week as imports recovered, data showed on Thursday.

Inventories inched 1.6% higher at 19.16 million barrels (3.02 million metric tons) in the week ended June 12, hitting a five-week high, Enterprise Singapore data showed.

Net imports, calculated by subtracting total exports from total imports, more than tripled from the previous week to about 538,000 tons.

Brazil remained the top origin for inflows for a second consecutive week, with imports extending gains to 185,000 tons.

Meanwhile, top destinations for fuel oil outflows from Singapore onshore tanks included China, Bangladesh and Vietnam in the same week.

Fuel oil price benchmarks have been largely rangebound in recent trading sessions capped by incoming replenishment, according to some industry sources.

Spot premiums for the low-sulphur market have been hovering in a narrow range of $1 to $2 a ton over Singapore quotes this week, while high-sulphur 380-cst premiums held between $11 to $12 a ton.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala)