Onshore fuel oil stocks were at 20.73 million barrels (3.26 million tonnes) in the week ended Feb. 16, Enterprise Singapore data showed. The decline came despite an uptick in weekly net imports, which rose by 27% to 645,000 tonnes in the same week.
However, weekly net imports averaged lower on a month-on-month basis, at 577,000 tonnes a week in February versus 611,000 tonnes a week in January.
Singapore's top net fuel oil import volumes hailed from Malaysia at 348,000 tonnes, followed by Algeria at 108,000 tonnes and South Korea at 100,000 tonnes. Meanwhile, top destinations for Singapore's fuel oil net exports were China at 65,000 tonnes, Japan at 29,000 tonnes and New Zealand at 21,000 tonnes. Total fuel oil supplies to Asia, most of which end up in key trading hub Singapore, are estimated at above 5.5 million tonnes in February, based on latest assessments by Refinitiv Oil Research this week.
This compares higher with 4.5 to 5.5 million tonnes in January, reflecting
an amply supplied market that is led by a continued influx of Russian supplies
despite the recent price cap.
Singapore's onshore fuel stocks did not show large spikes despite the influx
of Russian flows, as most of the flows were stored in floating storages offshore
the trading hub, said Refinitv Oil Research.
Feb 15, Fuel oil (in tonnes) Total Imports Total Exports Net Imports
ALGERIA 108,208 0 108,208
AUSTRALIA 0 7,598 -7,598
BANGLADESH 0 15,063 -15,063
BELGIUM 1 0 1
BRAZIL 92,933 0 92,933
CHINA 0 65,001 -65,001
INDIA 11,982 72 11,910
INDONESIA 29,169 8 29,161
JAPAN 0 29,381 -29,381
KOREA 100,382 0 100,382
MALAYSIA 381,655 33,742 347,913
NEPAL 0 312 -312
NETHERLANDS 0 0 0
NEW ZEALAND 0 20,698 -20,698
SAUDI ARABIA 36,064 0 36,064
SOUTH SUDAN 8,463 0 8,463
TAIWAN 47,757 0 47,757
THAILAND 0 0 0
TOTAL 816,613 171,876 644,738
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; editing by Uttaresh.V)
