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Shrinking net imports drag Singapore fuel oil stocks to 7-month low

Kitco News

SINGAPORE, Jan 11 (Reuters) - Singapore weekly onshore fuel oil inventories fell 13.5 percent to a seven-month low of 19.66 million barrels (or about 2.934 million tonnes) in the week ended Jan. 10, data from International Enterprise (IE) Singapore showed on Thursday. * This came as net fuel oil imports into Singapore fell 43 percent from the week before to a two-week low of 825,000 tonnes, Reuters calculations showed

* The 3.068 million barrel (or 458,000 tonne) drop in weekly fuel oil stocks was the largest weekly volume change since the week to June 14 when inventories jumped by 4.674 million barrels (698,000 tonnes)

* This marked the second consecutive week of sharp declines after fuel oil stocks fell 10 percent, or 2.462 million barrels (about 367,000 tonnes), in the week to Jan. 3 * Onshore fuel oil inventories were 10.5 percent lower than the same time last year

* Singapore's net exports of fuel oil to China topped the week at 248,000 tonnes, followed by Hong Kong with 157,000 tonnes and Japan with 33,000 tonnes, the data showed

* The largest net imports into Singapore originated from Russia at 289,000 tonnes, followed by the Netherlands at 168,000 tonnes, Greece at 145,000 tonnes and Iraq 123,000 tonnes, according to the data

* Improved arbitrage economics in December helped lift Singapore fuel oil imports from the Netherlands over the past week to the highest since the week to Aug. 2 when the city-state imported a total of 254,000 tonnes


Week to Jan. 10 Total Imports Total Exports Net Imports Fuel oil (in '000s of tonnes) BRAZIL 48,933.6990 0.0000 48,934

CHINA 0.0028 248,005.9390 -248,006

COLOMBIA 103,637.5990 0.0000 103,638

EGYPT 0.0010 0.0000 0

FRENCH POLYNESIA 0.0000 8,024.7200 -8,025

GREECE 144,978.4310 0.0000 144,978

HONG KONG 0.0020 156,790.0010 -156,790

INDIA 0.0000 204.7800 -205

INDONESIA 66,817.7010 0.0000 66,818

IRAQ 122,840.6390 0.0000 122,841

JAPAN 0.0000 32,991.8140 -32,992

KOREA, REP OF 0.0130 19,006.9270 -19,007

MALAYSIA 251,227.7590 130,222.1540 121,006

NETHERLANDS 167,562.1450 0.0000 167,562

PHILIPPINES 0.0010 0.0000 0

RUSSIA 289,469.8320 0.0000 289,470

SAUDI ARABIA 0.0160 0.0000 0

TAIWAN 39,905.3600 0.0000 39,905

THAILAND 109,481.9020 0.0000 109,482

UNITED STATES 74,924.5750 0.0000 74,925

TOTAL 1,419,779.6778 595,246.3350 824,533 (Reporting by Roslan Khasawneh; Editing by Subhranshu Sahu)

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