Singapore fuel oil stocks drop 2%; net imports retreat

Weekly net imports ease after last week's jump

Imports from Saudi Arabia and Malta climb

Russian oil continues to flood Asia - Refinitiv

By Jeslyn Lerh SINGAPORE, March 30 (Reuters) - Residual fuel oil stocks at key trading hub Singapore fell 2% in the week ended March 29, as net imports eased after a sharp uptick last week, data showed on Thursday.

Onshore fuel oil stocks were at 22.58 million barrels (3.56 million tonnes) in the week ended March 29, based on Enterprise Singapore data. The decline came amid a drop in net fuel oil imports, which slid 31% to 562,000 tonnes.

Top net imports were from Saudi Arabia at 188,000 tonnes, followed by Malta at 88,000 tonnes and Kuwait at 72,000 tonnes.

Bangladesh remained the top destination for Singapore's net fuel oil exports for a second consecutive week, with volumes at 89,000 tonnes. The country was followed by the Philippines at 46,000 tonnes and China at 26,000 tonnes. There were no Russian volumes recorded in the data. However, fuel oil supplies from Russia continued to flood Asia, said Refinitiv Oil Research.

A bulk of Russian fuel oil has headed to India and the Greater Singapore trading hub, boosting Western arbitrage inflows in Asia to a 48-month high of 3.62 million tonnes in March, Refinitiv said.

Mar 29, Fuel oil (in tonnes) Total Imports Total Exports Net Imports
ALGERIA 42,949 0 42,949 BANGLADESH 0 88,784 -88,784 BELGIUM 24,169 0 24,169 BRAZIL 33,397 0 33,397 BRUNEI 0 0 0 BULGARIA 33,008 0 33,008 CHINA 44,265 70,491 -26,226 FRANCE 60,900 0 60,900 GREECE 21,967 0 21,967 HONG KONG 0 20,036 -20,036 INDIA 0 76 -76 INDONESIA 62,895 2,089 60,806 ITALY 11,838 0 11,838 JAPAN 21,061 0 21,061 KUWAIT 71,718 0 71,718 MALAYSIA 114,603 59,362 55,241 MALTA 88,261 0 88,261 PHILIPPINES 0 46,137 -46,137 SAUDI ARABIA 187,806 0 187,806 TAIWAN 10,484 0 10,484 THAILAND 11,542 0 11,542 UNITED ARAB EMIRATES 14,148 0 14,148 UNITED KINGDOM 0 0 0 UNITED STATES 4 0 4 VIETNAM 0 5,856 -5,856 TOTAL 855,016 292,831 562,185

(Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)

Reuters

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Singapore fuel oil stocks drop 2%; net imports retreat

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