Residual fuel oil stocks at key trading hub Singapore slipped to seven-week lows in the week to Sept. 6, official data showed on Thursday.

Onshore fuel oil stocks STKRS-SIN dipped 2%to 19.45 million barrels (3.06 million metric tons), data from Enterprise Singapore showed. O/SING1

Weekly net imports rebounded 7% week-on-week at 592,000 tons, though this did not raise inventory levels as overall stocks were still weighed by lower average weekly net imports last month.

Weekly net fuel oil imports averaged 631,000 tons in August, versus 737,000 tons in July, capping overall inventory levels.

Malaysia was the top origin for Singapore’s netfuel oil imports this week, with volumes at 149,000 tons, followed by Brazil at 135,000 tons, which extended a weekly climb.

Imports from the Middle East retreated as a downward correction in the high-sulphur fuel oil market drew fewer barrels over to Asia.

Most of Singapore’s fuel oil exports landed up in South Korea, China and Bangladesh in the week to Sept. 6, the data further showed.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Sohini Goswami)