Onshore fuel oil stocks fell 9% to a five-week low of 20.60 million barrels (3.24 million tonnes) in the week ended March 1, Enterprise Singapore data showed. The drawdown was also due to a fall in weekly net imports, which softened 38% week-on-week to 502,000 tonnes.
Singapore's biggest net fuel oil imports were from Saudi Arabia at 221,000 tonnes, followed by Malaysia at 146,000 tonnes and Iraq at 80,000 tonnes.
Top destinations for Singapore's fuel oil net exports were Thailand at 68,000 tonnes, Bangladesh at 38,000 tonnes and South Korea at 19,000 tonnes.
The broader Asian market remained awash with supplies, with spot cash
premiums and refining margins for the low-sulphur grade under pressure.
Total fuel oil supplies to Asia, most of which end up in key trading hub
Singapore, totalled more than 6 million tonnes for February, hitting a 16-month
high, based on Refinitiv Oil Research this week.
Mar 1, Fuel oil (in tonnes) Total Imports Total Exports Net Imports
BANGLADESH 0 38,048 -38,048
BRAZIL 15,000 0 15,000
CHINA 0 38 -38
GREECE 27,396 0 27,396
INDIA 41,896 429 41,468
INDONESIA 0 1 -1
IRAQ 79,633 0 79,633
JAPAN 35,400 0 35,400
KOREA 0 18,689 -18,689
LIBYA 3,499 0 3,499
MALAYSIA 231,918 86,077 145,841
NEPAL 0 166 -166
PHILIPPINES 0 14,967 -14,967
SAUDI ARABIA 220,967 0 220,967
TAIWAN 22,667 0 22,667
THAILAND 0 67,997 -67,997
UNITED KINGDOM 43,026 0 43,026
UNITED STATES 0 0 0
VIETNAM 6,975 0 6,975
TOTAL 728,378 226,412 501,966
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)
