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SINGAPORE-FUELOIL/:Singapore fuel oil stockpiles recover for third straight week
SINGAPORE - Onshore fuel oil stored at key trading hub Singapore recovered for a third straight week with a rise in net imports, official data showed on Thursday.
Inventories rose 2.1% to 17.95 million barrels (about 2.83 million metric tons) in the week to Oct. 16, based on data from Enterprise Singapore.
Net imports, calculated by subtracting total exports from total imports, climbed 61.7% week-on-week to 750,000 tons.
The market has been eyeing more cargo replenishment in the second half of the month, following several weeks of tightness in prompt supply.
Reflecting more arrivals in the broader Asia supply pool, spot premiums for 0.5% low sulphur fuel grade have softened in recent trading sessions, easing below $10 per ton this week.
On the import front, most cargoes hailed from the United Arab Emirates in the week to Oct. 16, followed by Indonesia and the United States.
Supplies from the Middle East inched higher in recent weeks after the end of peak summer demand.
Meanwhile, Indonesia offered more residual fuels for loading in October via tender versus September, according to trade sources. As for exports from Singapore, most cargoes were headed to China, Bangladesh and South Korea in the week to Oct. 16. |
