Singapore fuel oil inventories ease to four-week lows

[SINGAPORE] Onshore fuel oil inventories in Singapore retreated to their lowest in four weeks, but stayed above typical average levels, data showed on Thursday (Apr 2).

Residual fuel stockpiles were down 4.3 per cent at 23.47 million barrels (about 3.70 million tonnes) in the week to Apr 1, Enterprise Singapore data showed.

Imports fell by 21.8 per cent week on week to about 917,000 tonnes. Most of the week’s inflows were from Nigeria, Brazil and Indonesia.

Middle East imports dropped to nearly zero following the curtailment of shipments out of the Strait of Hormuz, except for 60,000 tonnes from Saudi Arabia.

Meanwhile, exports of fuel oil rose 2.1 per cent to slightly above 299,000 tonnes, with most volumes bound for Hong Kong.

Spot differentials for both high-sulphur fuel oil and low-sulphur fuel oil posted weekly declines as of Thursday, as prompt supply remained available. REUTERS