A jump in net import volumes helped lift Singapore residual fuel oil inventories to their highest in more than four months in the week ended April 14, up 1.4% on-week and notching the third straight weekly gain, official data showed on Thursday.
Onshore fuel oil stocks climbed by 337,000 barrels, or about 53,000 tonnes, to 23.958 million barrels, or 3.773 million tonnes, Enterprise Singapore data showed.
Compared with last year, Singapore's residual fuel stocks were 2% lower in the week ended Wednesday.
A surge in arbitrage flows into the Singapore hub in March, with elevated levels also expected in April, helped lift fuel oil stocks away from a near 1-1/2-year low in February.
Refinitiv Oil Research assessed fuel oil flows into East Asia at 5.2 to 5.8 million tonnes in April, slightly lower to the 6 million tonnes seen in March but well above the 2020 monthly average of 4.68 million tonnes. ]
The higher inventories came as fuel oil net imports jumped 69% in the week ended April 14 to an eight-month high of 1.175 million tonnes and were above the 2021 weekly average of 824,000 tonnes, the data showed. Weekly figures, however, are volatile.
The largest net imports were from Malaysia, at 363,000 tonnes, followed by Russia with 266,000 tonnes, Algeria with 146,000 tonnes and the United Arab Emirates with 144,000 tonnes.
Singapore imports from Algeria and Russia were at four-month highs each.
Singapore's top fuel oil net exports destinations were South Korea at 89,000 tonnes, Sri Lanka at 82,000 tonnes and 6,000 tonnes going to Vietnam.
Total Singapore fuel oil exports were at a five-week low of 270,000 tonnes.
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April 15, 2021 at 05:52PM
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Singapore fuel oil inventories at 4-month peak as net imports jump - Reuters
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