Singapore fuel oil stockpiles hit 20-week lows

By Jeslyn Lerh SINGORE, - Singapore's onshore fuel oil stockpiles slipped to 20-week lows after net imports declined, data showed on Thursday. The inventories fell 14.6% to 18.94 million barrels in the week to April 24, Enterprise Singapore data showed. Net fuel oil imports, calculated by subtracting total exports from total imports, fell by 27.4% to about 392,000 tons. The United States was the top origin for fuel oil imports into Singapore-landed storage, excluding cargo movements between Singapore and storage hub Malaysia. Other top origins were the United Arab Emirates and Russia. On the exports front, China, Hong Kong and Vietnam were the top destinations for fuel oil outflows from Singapore. Lower onshore Singapore inventories came in line with a drop in fuel oil supplies to the broader East Asia region, which fell from more than 7 million tons in March to about 6.5 million tons in April, based on ship-tracking data from LSEG. Fuel oil benchmarks slipped in the first half of the month due to high inventories, before recovering slightly as the supply overhang started to ease, market sources said. The cash differential for 0.5% low sulphur fuel oil has rebounded back into premium since last week, after sinking into discounts in the first half of April. Week to April 24, Fuel oil Imports Exports AUSTRALIA 46,050 0 46,050 BAHAMAS 10,492 0 10,492 CHINA 1,061 90,025 -88,964 HONG KONG 0 27,090 -27,090 INDONESIA 31,688 0 31,688 IRAQ 53,173 0 53,173 KOREA 1 0 1 MALAYSIA 242,968 89,857 153,110 MEXICO 19,657 0 19,657 NEPAL 0 40 -40 NETHERLANDS 13,240 0 13,240 RUSSIA 62,698 0 62,698 SRI LANKA 0 11,467 -11,467 UNITED ARAB EMIRATES 63,682 0 63,682 UNITED STATES 77,777 0 77,777 VIETNAM 0 12,013 -12,013 TOTAL 622,488 230,492 391,996

Singapore fuel oil stockpiles hit 20-week lows