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Singapore Fuel Oil Stockpiles Climb 1.6% on Week: Reuters

OIL PRODUCTS

Onshore fuel oil stockpiles at the key trading hub of Singapore rose 1.6% on the week to 19.60m bbl (3.09m mt) as of July 3, according to Reuters.

  • Net imports of fuel oil rose 34.5% on the week to 927k mt.
  • Top cargo origins were Kuwait and the UAE, while fuel oil outflows were headed to China, Hong Kong, and Australia.
  • Inventory levels remain robust and sufficient to meet market demand, Reuters added. Meanwhile prices remain capped.
  • Cargo import flows from the West to East Asia are expected to reach 3m mt in July, slightly up on June. This includes Russian origin product.
  • Spot premiums of HSFO have fallen below $4/mt while LSFO premiums are rangebound at below $5/mt.

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