Onshore fuel oil stockpiles at Singapore, a key trading hub, have decreased to their lowest levels in three weeks due to a decline in imports. According to data released on Thursday by Enterprise Singapore, residual fuel inventories stood at 22.5 million barrels, equivalent to around 3.54 million metric tons, for the week ending May 1. The total net imports for the week reached approximately 780,000 tons, which represents a 12% decrease compared to the previous week. The main origins of supply during this period were recorded as Russia and Indonesia, while excluding any movements from storage facilities in Malaysia.
In terms of outflows, the majority of the fuel from Singapore’s onshore tanks was shipped to Australia, South Korea, and India. This movement highlights the dynamics of the fuel oil market and its reliance on regional demand. Additionally, there has been a slight recovery in spot premiums for both high-sulphur and low-sulphur fuel oil markets in recent trading sessions. This uptick may indicate potential changes in market sentiment or supply-demand balances.
Overall, the current trends in Singapore’s fuel oil stockpiles reflect broader market activities and the impacts of reduced import volumes. As traders and analysts monitor these developments, the interaction between supply origins and destination markets will continue to shape the regional fuel oil landscape.