Singapore’s residual fuel oil stocks have averaged 2% higher so far in November than across October, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from October to November (so far):

• Residual fuel oil stocks up 390,000 bbls to 18.15 million bbls
• Middle distillate stocks up 420,000 bbls to 9.96 million bbls

Singapore's fuel oil stocks have risen above 18 million barrels despite a sharp 44% decline in the port's net fuel oil imports this month. Fuel oil imports have fallen by a substantial 2.99 million bbls this month, while fuel oil exports have declined by a lesser 1.03 million bbls.

According to cargo tracker Vortexa, fuel oil cargoes have primarily arrived from Russia (14%), the UAE (11%) and Venezuela (8%) this month. In the same time frame, more than half of the fuel oil cargoes departing Singapore have been bound for China (59%), followed by Malaysia (15%) and Bangladesh (6%).

The port’s middle distillate stocks have also risen and averaged 4% higher on the month.

Changes in Singapore fuel oil trade from October to November (so far):

• Fuel oil imports down 2.99 million bbls to 4.56 million bbls
• Fuel oil exports down 1.03 million bbls to 2.02 million bbls
• Fuel oil net imports down 1.96 million bbls to 2.53 million bbls

For VLSFO in Singapore, suppliers recommend lead times of 8-10 days. HSFO supply remains tight, with lead times typically around 12 days, though some suppliers can deliver in as little as two days at higher prices. LSMGO supply is stable, with lead times of 4-7 days.

By Tuhin Roy

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