Singapore’s residual fuel oil stocks have averaged 1% lower so far this month than across March, Enterprise Singapore’s latest data shows.

Singapore fuel oil and middle distillate stocks since January 2020

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

• Residual fuel oil stocks down 280,000 bbls to 20.71 million bbls
• Middle distillate stocks up 660,000 bbls to 10.97 million bbls

Singapore has seen a 21% decline in net fuel oil imports in April so far. Both fuel oil imports and exports have declined this month. Fuel oil imports have declined by a significant 927,000 bbls, more than the meagre 49,000-bbl drop in exports. This has contributed to pull the stocks lower in April.

According to cargo tracker Vortexa, fuel oil cargoes have primarily arrived from the UAE (19%), Russia (13%) and Indonesia (9%) this month.

Fuel oil exports from Singapore have been bound for China (53%), South Korea (11%) and Sri Lanka (7%).

Singapore’s middle distillate stocks, on the other hand, have averaged 6% higher on the month.

Singapore fuel oil imports and exports since January 2020

Changes in Singapore fuel oil trade from March to April (so far):

• Fuel oil imports down 927,000 bbls to 5.20 million bbls
• Fuel oil exports down 49,000 bbls to 1.96 million bbls
• Fuel oil net imports down 878,000 bbls to 3.24 million bbls

Lead times for VLSFO in Singapore have seen notable fluctuations recently, with most suppliers suggesting up to 10 days for the grade, while some can arrange stems within five days.

Prompt HSFO availability in Singapore has improved, with recommended lead times now ranging between 5-10 days, down from 8-14 days last week. For LSMGO, lead times vary widely between 3-6 days in Singapore.

By Tuhin Roy

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