Singapore’s residual fuel oil stocks have averaged 6% lower so far this month than across December, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from December to January (so far):

• Residual fuel oil stocks down 1.31 million bbls to 21.10 million bbls
• Middle distillate stocks down 1.56 million bbls to 8.67 million bbls

Singapore’s fuel oil stocks have moved down to just over 21 million bbls, after a sharp 31% drop in the port's net fuel imports this month. Fuel oil imports have decreased by a significant 1.10 million bbls, while exports have risen by 542,000 bbls.

According to cargo tracker Vortexa, fuel oil shipments to Singapore in January have primarily originated from Russia (24%), Venezuela (16%) and Thailand (13%). Nearly half of the fuel oil departing Singapore has been shipped to China (48%), with additional volumes heading to Malaysia (18%) and Brazil (12%).

The port's middle distillate stocks have also declined, averaging 15% lower so far this month.

Changes in weekly average Singapore fuel oil trade from December to January (so far):

• Fuel oil imports down 1.10 million bbls to 5.79 million bbls
• Fuel oil exports up 542,000 bbls to 2.19 million bbls
• Fuel oil net imports down 1.65 million bbls to 3.59 million bbls

VLSFO availability in Singapore remains limited, with standard lead times of about nine days. Expedited deliveries within five days are possible but come at a higher cost. HSFO supply has improved, with lead times shortening from 9-15 days last week to 5-9 days currently. LSMGO lead times vary widely, ranging from 3-11 days.

By Tuhin Roy

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