Onshore inventories for both gasoil and jet fuel/kerosene were at 9.627 million barrels (1.292 million tonnes) in the week ended March 22, the data showed. The weekly gain in stockpiles was attributed to a sharp spike in total import volumes for jet fuel/kerosene.
The city state imported around 45,976 tonnes of the aviation and heating fuel in the week to March 22, a surge from 44 tonnes in the previous week. Imports from China accounted for more than 80% of the total volume. China's total jet fuel exports from January to February rose to 2.75 million mt, from 1.23 million mt in the same period last year, as refiners increased the outflow to liquidate high inventory while the aviation industry recovered from strict pandemic-related mobility control, Refinitiv Oil Research said. Increases in jet fuel/kerosene stocks were cushioned by steady exports of the fuel to regions such Australia and Vietnam.
Separately, both imports and exports of gasoil rose by around 6.4% week-on-week.
Notably, China's export volumes for the week surged to 136,370 tonnes from 28,801 tonnes a week earlier.
Exports of both fuel from regional exporters to Singapore will likely
continue in the short run because of limited end-user demand elsewhere, several
trade sources said.
Furthermore, Singapore is one of the major hubs for ship-to-ship transfers
for further shipments to various countries within the Asia-Pacific region and
local consumption, said David Jorbenaze, a senior analyst at analytics and
consulting firm ICIS.
Mar 22, Gasoil (in Total Total Net
tonnes) imports exports exports
AUSTRALIA 0 104080.76 104080.76
CAMBODIA 0 2546.878 2546.878
CHINA 136369.5115 0 -136369.5
115
GUAM 0.012 24081.592 24081.58
HONG KONG 0 38128.858 38128.858
INDIA 0.014 0 -0.014
INDONESIA 0 71560.495 71560.495
KOREA, REP OF 33099.898 0 -33099.89
8
MALAYSIA 79088.314 28609.283 -50479.03
1
MYANMAR 0 17666.812 17666.812
NETHERLANDS 0 28978.684 28978.684
NORTHERN MARIANA 0 5533.63 5533.63
ISLANDS
PAPUA NEW GUINEA 0 16401.022 16401.022
SRI LANKA 0.0034 0 -0.0034
TAIWAN 0.004 0 -0.004
THAILAND 0.001 0 -0.001
UNITED ARAB 0.01 0 -0.01
EMIRATES
UNITED STATES 0.005 21411.234 21411.229
VIET NAM 0 20462.238 20462.238
TOTAL 378328.6074 491232.402 112903.79
46
WoW % change 6.416025593 6.443118982 6.5340067
02
Mar 22, Jet fuel/kerosene Total Total Net
(in tonnes) imports exports exports
AUSTRALIA 0 45241.211 45241.211
BELGIUM 15.2562 0 -15.2562
BRUNEI 0 0.0905 0.0905
CANADA 0.032 0 -0.032
CHINA 39687.763 0 -39687.76
3
FRANCE 3.6538 0 -3.6538
GERMANY 0.0717 0 -0.0717
GUAM 0 3907.334 3907.334
HONG KONG 0 0.0009 0.0009
MALAYSIA 6268.821 1.348 -6267.473
NETHERLANDS 0.002 0 -0.002
NORTHERN MARIANA ISLANDS 0 1005.03 1005.03
PHILIPPINES 0 1064.208 1064.208
SOUTH AFRICA 0 0.158 0.158
SPAIN 0.0374 0 -0.0374
VIETNAM 0 22459.192 22459.192
TAIWAN 0 0.0012 0.0012
TOTAL 45976.1428 73678.7336 27702.590
8
WoW % change 104639.5139 1.81714572 -61.69436
425
(Reporting by Trixie Yap; Editing by Subhranshu Sahu)
