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Singapore - Onshore fuel oil stockpiles rose in Singapore amid an uptick in imports while exports dipped, official data showed on Thursday.
Residual fuel inventories rose 1.3% to 23.70 million barrels (3.73 million metric tons) in the week to July 23, according to Enterprise Singapore.
The inventories held above weekly average levels for a tenth consecutive week, calculations showed.
Imports exceeded 1.09 million tons in the week, up 32% from the previous week, led by strong inflows from Middle Eastern countries including Iraq and the United Arab Emirates.
Meanwhile, exports from Singapore onshore tanks dipped 15% week-on-week to about 386,000 tons, with most volumes headed for Bangladesh and China.
Amid persistently high inventories, spot market benchmarks remained under pressure. High-sulphur price differentials held in discounts this week, while low-sulphur price differentials logged narrower premiums.
| Week to Jul. 23, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
| AUSTRALIA | 0 | 16,827 | -16,827 |
| BAHAMAS | 30,000 | 0 | 30,000 |
| BANGLADESH | 0 | 25,466 | -25,466 |
| BRAZIL | 84,812 | 0 | 84,812 |
| CHINA | 15,692 | 38,010 | -22,319 |
| CONGO | 28,302 | 0 | 28,302 |
| GERMANY | 0 | 0 | 0 |
| INDIA | 31,655 | 268 | 31,387 |
| IRAQ | 322,058 | 0 | 322,058 |
| KOREA | 27,824 | 0 | 27,824 |
| MALAYSIA | 78,238 | 190,573 | -112,335 |
| MAURITIUS | 0 | 12,281 | -12,281 |
| NETHERLANDS | 5,304 | 0 | 5,304 |
| NEW CALEDONIA | 0 | 7,200 | -7,200 |
| NEW ZEALAND | 0 | 21,894 | -21,894 |
| NIGERIA | 44,543 | 0 | 44,543 |
| RUSSIA | 99,831 | 0 | 99,831 |
| SRI LANKA | 33,440 | 0 | 33,440 |
| SUDAN | 23,250 | 0 | 23,250 |
| THAILAND | 38,121 | 0 | 38,121 |
| UNITED ARAB EMIRATES | 106,303 | 0 | 106,303 |
| UNITED STATES | 118,520 | 73,471 | 45,048 |
| VIETNAM | 5,499 | 202 | 5,297 |
| TOTAL | 1,093,392 | 386,193 | 707,200 |
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
