off-the-wire

Singapore fuel oil stocks rise while net imports see weekly dip

Kitco Media
By Reuters
Published:
Updated:
Reuters



*


Weekly net fuel oil imports dip by nearly 1%

*


Fuel oil supplies to Asia in March at highest since Jan 2019 -Refinitiv

*


Russian supplies to Asia set record high for second straight month


By Matthew Chye SINGAPORE, March 16 (Reuters) - Residual fuel oil stocks at key trading hub Singapore rose to a three-week high, official data showed on Thursday, while net imports posted a marginal week-on-week dip. Onshore fuel oil stocks rose about 5% to 21.09 million barrels (3.32 million tonnes) in the week ended March 15, Enterprise Singapore data showed. Net fuel oil imports fell nearly 1% to 646,000 tonnes in the same week. Singapore's biggest sources of net fuel oil imports were Kuwait at 119,000 tonnes, followed by Malaysia at 101,000 tonnes and Brazil at 100,000 tonnes.


Top destinations for Singapore's net fuel oil exports were China at 112,000 tonnes, Sri Lanka at 41,000 tonnes and Guam at 34,000 tonnes. Total fuel oil supplies to Asia, most of which end up in key trading hub Singapore, were notionally assessed at 6.69 million mt for March, the highest since January 2019, dominated by record-high Russian-origin inflows on the back of a European Union ban that became effective from Feb. 5, Refinitiv Oil Research said this week. Russian supplies to Asia for March were notionally assessed at 3.64 million mt, which would set a record high for a second straight month, on the back of February's previous record of 2.8 million mt, according to Refinitiv.
Mar 15, Fuel oil (in tonnes) Total Imports Total Exports Net Imports BAHRAIN 80,124 0 80,124 BANGLADESH 0 15,050 -15,050 BRAZIL 99,993 0 99,993 CHINA 0 111,784 -111,784 FINLAND 18,166 0 18,166 GERMANY 18,166 0 18,166 GREECE 97,252 0 97,252 GUAM 0 33,890 -33,890 INDIA 28,851 107 28,744 INDONESIA 19,813 0 19,813 JAPAN 21,473 20,299 1,174 KOREA, REP OF 13,386 0 13,386 KUWAIT 119,384 0 119,384 MALAYSIA 245,178 144,660 100,518 MALTA 75,985 0 75,985 NEPAL 0 103 -103 NEW CALEDONIA 0 3,199 -3,199 PAPUA NEW GUINEA 0 6,913 -6,913 SRI LANKA 0 40,541 -40,541 SWEDEN 56,265 0 56,265 TAIWAN 41,594 0 41,594 THAILAND 0 0 0 UNITED KINGDOM 18,166 0 18,166 UNITED STATES 68,504 0 68,504 TOTAL 1,022,301 376,546 645,755


(Data from Enterprise Singapore)
(Reporting by Matthew Chye; Editing by Edmund Klamann)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.