Singapore fuel oil stockpiles slip to two-week lows
By Jeslyn Lerh
SINGAPORE, Aug 29 (Reuters) -Onshore fuel oil stockpiles at key trade and storage hub Singapore fell to two-week lows, the latest data showed on Thursday, while average weekly inventories fell in August versus July.
Fuel oil stockpiles STKRS-SIN dipped 6% to 18.15 million barrels in the week ended Aug. 28, Enterprise Singapore data showed. O/SING1
The inventories have averaged 18.81 million tons per week in August so far, lower than July's average of 19.39 million tons per week.
Singapore's fuel oil market has firmed in recent trading sessions amid a tighter supply outlook in September. The cash premium for benchmark 0.5% low sulphur fuel oil hit an eight-month high earlier this week. MFO05-SIN-DIF
In the week of Aug. 28, fuel oil imports dropped 5% week-on-week to about 785,000 tons. Vietnam emerged as the top origin for imports, followed by Mexico and Nigeria.
On the exports front, fuel oil volumes flowing out of Singapore storage totalled about 413,000 tons, down 25% from last week. Most of the week's exports were bound for Bangladesh and Hong Kong, excluding movements into storage hub Malaysia.
Week to Aug 28, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 14,459 | 47,939 | -33,480 |
BANGLADESH | 0 | 49,068 | -49,068 |
BRAZIL | 29,838 | 0 | 29,838 |
CHINA | 0 | 42,153 | -42,153 |
HONG KONG | 0 | 47,227 | -47,227 |
INDIA | 15,037 | 166 | 14,871 |
INDONESIA | 74,474 | 0 | 74,473 |
KOREA | 2 | 0 | 2 |
MALAYSIA | 129,825 | 181,493 | -51,667 |
MEXICO | 99,383 | 0 | 99,383 |
NEPAL | 0 | 42 | -42 |
NETHERLANDS | 1,274 | 0 | 1,274 |
NIGERIA | 93,450 | 0 | 93,450 |
PHILIPPINES | 0 | 33,731 | -33,731 |
RUSSIA | 33,016 | 0 | 33,016 |
SRI LANKA | 0 | 11,499 | -11,499 |
TAIWAN | 8,415 | 0 | 8,415 |
THAILAND | 18,935 | 0 | 18,935 |
TOGO | 86,525 | 0 | 86,525 |
UNITED ARAB EMIRATES | 74,443 | 0 | 74,443 |
UNITED STATES | 1 | 0 | 1 |
VIETNAM | 105,500 | 0 | 105,500 |
TOTAL | 784,577 | 413,319 | 371,258 |
(Data from Enterprise Singapore)
Reporting by Jeslyn Lerh; Editing by Sharon Singleton
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