Singapore’s residual fuel oil stocks have averaged 7% lower so far in May than across April, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from April to May (so far):

• Residual fuel oil stocks down 1.44 million bbls to 18.55 million bbls
• Middle distillate stocks down 360,000 bbls to 10.72 million bbls

Singapore’s fuel oil stocks have dropped below 19 million bbls despite a significant 25% jump in the port's net fuel imports so far this month. Both imports and exports are up this month. Fuel oil imports are up by 1 million bbls and have outpaced the 106,000-bbl growth in exports so far this month.

According to cargo tracker Vortexa, fuel oil cargoes have primarily arrived from the UAE (20%), Turkey (13%) and Malaysia (10%) so far this month.

Fuel oil cargoes departing Singapore have been bound for China (51%), followed by Malaysia (13%) and South Korea (10%).

The port’s middle distillate stocks have also declined and averaged 3% lower on the month.

Changes in weekly average Singapore fuel oil trade from April to May (so far):

• Fuel oil imports up 1 million bbls to 6.27 million bbls
• Fuel oil exports up 106,000 bbls to 1.81 million bbls
• Fuel oil net imports up 899,000 bbls to 4.46 million bbls

Bunker demand in Singapore has improved this week. Lead times for VLSFO have exhibited significant fluctuations recently. Presently, most suppliers recommend lead times of up to nine days for this grade, while some can accommodate stems within four days.

HSFO supply remains limited in the port, with recommended lead times unchanged at 8-13 days. Lead times for LSMGO vary widely, ranging from 3-8 days.

By Tuhin Roy

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