Singapore fuel oil stocks slip, records rare export to Kuwait
Singapore’s residual fuel oil inventories fell 1% in the week ended Jan. 13, reflecting a slight decrease in net import volumes and steady bunker fuel demand, official data showed.
Onshore fuel oil stocks fell by 212,000 barrels, or about 33,000 tonnes, to a two-week low of 22.304 million barrels, or 3.512 million tonnes, Enterprise Singapore data showed.
Residual fuel stocks were up 2% from a year earlier.
Net import volumes in the week ended Jan. 13 were down 6% to 967,000 tonnes from the previous week, but held well above the 2020 weekly average of 666,000 tonnes. Weekly figures, however, were volatile.
Fuel oil net imports in the week ended Jan. 6 were at a more than three-month high of 1.027 million tonnes.
Singapore’s top fuel oil net exports destinations in the week ended Jan. 6 included Kuwait with a record high of 59,000 tonnes, Japan with 55,000 tonnes and 46,000 tonnes to the Philippines.
Singapore fuel oil exports to Kuwait are rare since the Arab state has traditionally been an exporter of the fuel, but refinery upgrades have cut Kuwait’s fuel oil output forcing it to turn to imports to meet feedstock utility demand.
The largest imports into Singapore were from Malaysia, at 426,000 tonnes, followed by the Bahamas with 295,000 tonnes, the United Kingdom with 107,000 tonnes and the United Arab Emirates at 94,000 tonnes.