Singapore fuel oil stockpiles rebound but remain below Aug average
Updates table with latest data
By Jeslyn Lerh
SINGAPORE, Sept 19 (Reuters) -The volume of fuel oil stored in onshore tanks at key trading hub Singapore has rebounded after last week's slump, but was below the August weekly average, data showed on Thursday.
Fuel oil stockpiles STKRS-SIN were at 18.55 million barrels (about 2.92 million metric tons) in the week to Sept. 18, edging up 10% from the previous week, Enterprise Singapore data showed. O/SING1
The inventories averaged 18.05 million barrels per week in September so far, remaining below an average of 18.81 million barrels in August.
Total imports extended gains for a second week, climbing to about 779,000 tons in the week to Sept. 18, led by higher inflows from the United Arab Emirates.
Meanwhile, total exports more than doubled week-on-week, rising to about 304,000 tons. China was the main destination for the outflows.
A strong backwardation persisted in the Asia fuel oil market, trade sources said, even though this has narrowed compared to previous weeks.
Singapore's balance-September/October timespread for 0.5% low sulphur fuel oil hovered above $10 per ton this week, though this has narrowed sharply compared with about $30 per ton in early September. LFO05FSGSMc0
Week to Sep 18, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 24,946 | 45,999 | -21,053 |
BRAZIL | 62,028 | 0 | 62,028 |
BRUNEI | 1 | 0 | 1 |
CANADA | 0 | 0 | 0 |
CHINA | 6,994 | 146,122 | -139,129 |
ESTONIA | 32,000 | 0 | 32,000 |
FRANCE | 0 | 0 | 0 |
GREECE | 99,539 | 0 | 99,539 |
HONG KONG | 0 | 14,999 | -14,999 |
INDIA | 33,399 | 106 | 33,294 |
INDONESIA | 32,955 | 6,657 | 26,298 |
IRAQ | 51,545 | 0 | 51,545 |
KOREA | 20,973 | 21,997 | -1,024 |
MALAYSIA | 200,584 | 67,939 | 132,644 |
NEPAL | 0 | 42 | -42 |
NEW ZEALAND | 0 | 0 | 0 |
NIGERIA | 13,957 | 0 | 13,957 |
TAIWAN | 18,978 | 0 | 18,978 |
UNITED ARAB EMIRATES | 180,890 | 0 | 180,890 |
TOTAL | 778,789 | 303,862 | 474,927 |
(Data from Enterprise Singapore)
Reporting by Jeslyn Lerh; Editing by Eileen Soreng
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
