Fuel oil inventories in Singapore rose for the third straight week, reaching their highest level in six weeks, according to data released Thursday by Enterprise Singapore.
As of the week ending June 4, onshore residual fuel oil stocks stood at 22.58 million barrels, or about 3.56 million tons. This marked a 1.1% increase from the previous week.
Imports into Singapore’s storage tanks rose sharply by 20% from the week before, reaching around 762,000 tons. Most of the shipments came from Brazil and the United Arab Emirates.
At the same time, fuel oil exports from the tanks totaled approximately 334,000 tons, an 11% increase week-on-week. The main destinations were in Northeast Asia, including Hong Kong, Taiwan, and China.
Trade sources say inventories remain above average due to strong supply levels across Asia and weaker demand from the marine bunker fuel market.
Prices for low-sulfur fuel oil in Singapore have declined since mid-May but have now stabilized in early June.