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Onshore inventories lower for fourth straight week
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Fuel oil premiums, margins kick off May on stronger note
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Top net import volumes hail from Malaysia and Russia
By Jeslyn Lerh SINGAPORE, May 4 (Reuters) - Residual fuel oil stocks at key trading hub Singapore edged down by more than 10% from last week as net imports continued to decline, official data showed on Thursday.
Onshore fuel oil stocks fell to eight-week lows of 20.62 million barrels (3.25 million tonnes) in the week to May 3, based on Enterprise Singapore data. Weekly net fuel oil imports, which are calculated by subtracting total exports from total imports, fell 23% week-on-week to 542,000 tonnes.
Asia's refining margin for 380-cst high sulphur fuel oil climbed to a nearly one-year high this week, backed by lower refinery output and seasonal demand expectations.
Meanwhile, cash premiums for very-low sulphur fuel oil firmed to 11-week highs as stronger bids emerged for loading dates in the second half of May. Singapore's biggest net fuel oil import volumes in the week came from key blending and ship transfer hub Malaysia at 224,000 tonnes, followed by Russia at 138,000 tonnes and Iraq at 90,000 tonnes.
Philippines was the top destination for Singapore's net fuel oil exports with volumes at 45,000 tonnes, followed by Bangladesh at 27,000 tonnes and Hong Kong at 20,000 tonnes.
May 3, Fuel oil (in tonnes) Total Imports Total Exports Net Imports
ANGOLA 0 162 -162
AUSTRALIA 0 246 -246
BANGLADESH 0 27,475 -27,475
BRAZIL 45,518 0 45,518
CHINA 45,217 37,994 7,223
GHANA 0 88 -88
HONG KONG 0 20,003 -20,003
INDIA 0 218 -218
INDONESIA 6,033 7,002 -969
IRAQ 90,000 0 90,000
JAPAN 41,852 0 41,852
MALAYSIA 260,450 36,355 224,095
NEW CALEDONIA 0 7,574 -7,574
PHILIPPINES 0 44,996 -44,996
RUSSIA 137,541 0 137,541
TANZANIA 0 34 -34
THAILAND 18,577 0 18,577
TOGO 0 16 -16
UNITED ARAB EMIRATES 9,199 0 9,199
UNITED STATES 69,749 0 69,749
TOTAL 724,136 182,163 541,974
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
