Singapore fuel oil inventories draw for second consecutive week
(Reuters) - Singapore's onshore fuel oil inventories fell for a second straight week, data showed Thursday, as an uptick in exports exceeded a climb in imports.
Inventories fell 7.8% to 3.17 MMt in the week to Feb. 14, based on data from Enterprise Singapore data.
Net fuel oil imports, calculated by subtracting total exports from total imports, fell 0.7% at about 628,000 tons.
The United Arab Emirates remained the top origin for Singapore's imports, just like last week. Meanwhile, outflows from Singapore mostly headed to South Korea in the week.
Following a strong influx in January, market sources expect less arbitrage supplies to hit Asia in February as Red Sea shipping disruptions buoyed freight costs and weighed on arbitrage economics.
February fuel oil supplies to Asia are pegged at about 5 million tons, after exceeding 7 million tons in January, LSEG Oil Research said this week.
Cash premiums for very low sulfur fuel oil rebounded to above $7 a ton this week, after dipping below $4 a ton last week.
|
Week to Feb 14, Fuel oil (in metric tons) |
Total Imports |
Total Exports |
Net Imports |
|
ARGENTINA |
48,824 |
0 |
48,824 |
|
AUSTRALIA |
86,181 |
36,980 |
49,201 |
|
BRAZIL |
27,040 |
0 |
27,040 |
|
BRUNEI |
1 |
0 |
1 |
|
HONG KONG |
0 |
39,896 |
-39,896 |
|
INDIA |
41,857 |
0 |
41,857 |
|
INDONESIA |
73,924 |
0 |
73,924 |
|
IRAQ |
49,619 |
0 |
49,619 |
|
JAPAN |
47,954 |
0 |
47,954 |
|
KOREA |
0 |
92,552 |
-92,552 |
|
MALAYSIA |
164,696 |
57,164 |
107,532 |
|
NEPAL |
0 |
126 |
-126 |
|
RUSSIA |
98,104 |
0 |
98,104 |
|
SOUTH AFRICA |
0 |
40,378 |
-40,378 |
|
THAILAND |
17,958 |
7,991 |
9,967 |
|
TUNISIA |
71,511 |
0 |
71,511 |
|
UNITED ARAB EMIRATES |
175,160 |
0 |
175,160 |
|
UNITED STATES |
0 |
0 |
0 |
|
TOTAL |
902,829 |
275,086 |
627,743 |
(Data from Enterprise Singapore)
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