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Singapore Fuel Oil Stocks Hit Six-Week Low: Reuters

OIL PRODUCTS

Onshore fuel oil stockpiles at key trading hub of Singapore fell to a six-week low, after imports more than halved on the week, Reuters said.

  • Inventories fell 9.1% to 17.81m bbl (2.80m mt) in the week to July 10.
  • Imports into offshore tanks fell over 55% on the week to 557.1k mt. The top cargo origins were Brazil and Indonesia.
  • Export volumes totalled 218.3k mt, down 29% on the week. Most of the volumes headed for the Philippines, South Korea, and Bangladesh.
  • Despite the decline in weekly inventories, the broader market remains amply supplies, Reuters said.
  • Cargo inflows from Russia and West of Suez totalled around 3m mt for July, stable-to-higher for June.
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