Singapore fuel oil stocks drop despite shrinking exports

SINGAPORE (Reuters) — Singapore weekly onshore fuel oil inventories fell 10%, or 2.462 MMbbl (about 367 Mt), to a two-week low of 22.728 MMbbl (3.392 MMt) in the week ended Jan. 3, data from International Enterprise (IE) Singapore showed on Thursday.

This came despite a 149% jump in fuel oil net imports into Singapore, which climbed to a 33-week high of 1.457 MMt, as imports climbed to a 10-week high and exports fell to a seven-week low, Reuters calculations showed.

The latest inventory drop effectively wiped out the 382-Mt jump in fuel oil stocks in the preceding week.

Onshore fuel oil inventories were 22% higher than the same time last year

Singapore’s net exports of fuel oil to China topped the week at 196 Mt, followed by Hong Kong with 50 Mt and Bangladesh with 25 Mt, the data showed.

The largest net imports into Singapore originated from Venezuela at 303 Mt, followed by Brazil at 156 Mt, Iraq at 149 Mt and Russia 142 Mt, according to the data.

Singapore fuel oil imports from Brazil over the past week were at their highest since at least the beginning of 2016, surpassing the previous high of 115 Mt in the week to June 1, 2016.

Reporting by Roslan Khasawneh; Editing by Subhranshu Sahu

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