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OIL PRODUCTS: Singapore Oil Products Stockpiles Lowest Since July

OIL PRODUCTS
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The volume of fuel oil stockpiles in the seven days to Sep. 11 fell to its lowest since July 10, according to official data.

  • Total stockpiles were 42.9m bbl, down 3.13m bbl on the week. The five-year average is 44.9m bbl.
  • Fuel oil stockpiles were 16.86m bbl (2.65m mt), down 1.9m bbl bbl on the week, and the lowest since May 22.
  • The fall in fuel oil stockpiles came due to a steep backwardation making storage economics less attractive. The Sep/Oct VLSFO time spread is around $20/mt, while the HSFO time spread is around $14/mt.
  • Fuel oil inventories average 17.81m bbl in September so far, down from 18.81m bbl in August.
  • Light distillates were 15.1m bbl, down 771k bbl.
  • Middle distillates totalled 10.9m bbl, down 455k bbl.

 

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The volume of fuel oil stockpiles in the seven days to Sep. 11 fell to its lowest since July 10, according to official data.

  • Total stockpiles were 42.9m bbl, down 3.13m bbl on the week. The five-year average is 44.9m bbl.
  • Fuel oil stockpiles were 16.86m bbl (2.65m mt), down 1.9m bbl bbl on the week, and the lowest since May 22.
  • The fall in fuel oil stockpiles came due to a steep backwardation making storage economics less attractive. The Sep/Oct VLSFO time spread is around $20/mt, while the HSFO time spread is around $14/mt.
  • Fuel oil inventories average 17.81m bbl in September so far, down from 18.81m bbl in August.
  • Light distillates were 15.1m bbl, down 771k bbl.
  • Middle distillates totalled 10.9m bbl, down 455k bbl.

 

Keep reading...Show less