Onshore stocks of Singapore fuel oil surged to their highest in more than 3 years, jumping 19.4 percent from a week earlier to 31.002 million barrels STKRS-SIN in the week to May 18, data from International Enterprise (IE) Singapore released on Thursday showed.
The 5.027 million barrel increase of Singapore residual fuel stocks (equivalent to about 750,000 tonnes) over the past week eclipses the recently set record for the single highest increase since records began in 1996.
“That’s quite significant, but it’s hard to tell whether it’s fresh arbitrage cargoes, existing supply, or just an update on someone’s existing storage,” said one Singapore-based trader.
The IE inventories data of onshore oil products in Singapore is submitted by up to 13 major oil and oil storage companies voluntarily.
In the week to April 27, onshore stocks had risen by a short-lived record 4.3 million barrels (about 642,000 tonnes) as arbitrage volumes from the Middle East and Europe made their way to Singapore.
Net residual fuel imports into Singapore in the week to May 18 fell 20 percent from the previous week to 0.85 million tonnes.
Total imports which were 9 percent lower at 1.56 million tonnes, the data showed.
Imports of fuel oil into Singapore from Indonesia, Russia and Venezuela were approximately 296,000 tonnes, 271,000 tonnes, and 90,000 tonnes, respectively.
Weekly imports from Indonesia were at their highest since the start of the year while imports from Venezuela to Singapore resumed after a five-week absence.
Venezuela has exported 1.63 million tonnes of fuel oil into Singapore since the start of the year, more than 60 percent of which was in the first two months of the year.
For the first time since the week to Feb. 24, incoming cargoes from the Netherlands were missing over the past week.
Kuwait, Ukraine and Malaysia were other major net exporters of fuel oil into Singapore during the past week, sending 88,000 tonnes, 83,000 tonnes and 82,000 tonnes, respectively.
By contrast, total weekly exports rose by 10 percent from last week to 0.71 million tonnes, the data showed.
China, Hong Kong, Australia and South Korea were the top three export destinations for Singaporean fuel oil, taking in 101,000 tonnes, 94,000 tonnes, 59,000 tonnes and 56,000 tonnes, respectively.
Source: ReutersPrevious Next