Singapore fuel oil stockpiles rebound to two-week highs
By Jeslyn Lerh
SINGAPORE, Aug 22 (Reuters) -Onshore fuel oil stockpiles at key trading and storage hub Singapore recovered to two-week highs, data showed on Thursday, though inventory levels averaged lower per week in August so far compared with July.
Fuel oil inventories STKRS-SIN rose 6% to 19.23 million barrels in the week ended Aug. 21, after sliding to five-week lows previously, showed Enterprise Singapore data. O/SING1
But in August to date, inventories averaged lower at 19.03 million tons per week, versus July's average of 19.39 million tons per week.
This came amid lower net imports, which have averaged at about 394,000 tons per week in August, compared with July's average of 675,000 tons per week.
The net imports slumped to around 275,000 tons in the week to Aug. 21, led by an uptick in fuel oil outflows for Singapore, the data showed.
Most of the week's exports were bound for China and Philippines, excluding movements into storage hub Malaysia.
Meanwhile, top country origins for fuel oil imports were Brazil, Russia and the United Arab Emirates in the same week.
Week to Aug 21, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
BANGLADESH | 0 | 30,014 | -30,014 |
BRAZIL | 176,534 | 0 | 176,534 |
CHINA | 9,944 | 192,785 | -182,841 |
CONGO | 38,988 | 0 | 38,988 |
INDIA | 33,837 | 24,985 | 8,852 |
INDONESIA | 63,665 | 1 | 63,664 |
KOREA | 21,861 | 45,963 | -24,102 |
MALAYSIA | 85,814 | 186,010 | -100,196 |
NEPAL | 0 | 41 | -41 |
NETHERLANDS | 2,139 | 0 | 2,139 |
NEW CALEDONIA | 0 | 7,598 | -7,598 |
NEW ZEALAND | 0 | 0 | 0 |
PAKISTAN | 47,177 | 0 | 47,177 |
PHILIPPINES | 0 | 46,453 | -46,453 |
RUSSIA | 133,543 | 0 | 133,543 |
THAILAND | 16,337 | 0 | 16,337 |
TÜRKIYE | 16,982 | 0 | 16,982 |
UNITED ARAB EMIRATES | 96,503 | 0 | 96,503 |
UNITED STATES | 78,217 | 0 | 78,217 |
VIETNAM | 5,066 | 17,432 | -12,367 |
TOTAL | 826,608 | 551,282 | 275,326 |
(Data from Enterprise Singapore)
Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala
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