Singapore’s residual fuel oil stocks have averaged 3% lower so far in July than across June, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from June to July (so far):

• Residual fuel oil stocks down 680,000 bbls to 19.26 million bbls
• Middle distillate stocks up 1.02 million bbls to 10.22 million bbls

Singapore’s fuel oil stocks have fallen below 20 million bbls despite a significant 27% increase in the port’s net fuel oil imports so far this month. Both fuel oil imports and exports have risen this month. Fuel oil imports have increased by a significant 876,000 bbls this month, while fuel oil exports have gained by a modest 22,000 bbls.

According to cargo tracker Vortexa, fuel oil cargoes primarily arrived from Russia (16%), Brazil (14%) and Malaysia (10%) this month. Singapore's fuel oil exports were mainly destined for China (58%), Malaysia (18%) and South Korea (10%).

Unlike fuel oil, the port’s middle distillate stocks have surged and averaged 11% higher so far this month.

Changes in Singapore fuel oil trade from June to July (so far):

• Fuel oil imports up 876,000 bbls to 5.75 million bbls
• Fuel oil exports up 22,000 bbls to 1.71 million bbls
• Fuel oil net imports up 855,000 bbls to 4.04 million bbls

Despite low bunker demand in Singapore, lead times for VLSFO have increased from 5–14 days last week, to 9–17 days now due to limited barge availability, according to a source.

HSFO availability also remains tight for both prompt and non-prompt delivery dates in Singapore, with recommended lead times of around 14 days for the grade. Lead times for LSMGO have experienced significant fluctuations recently. Most suppliers are now advising 12 days for LSMGO, while some can accommodate stems within as little as two days.

By Tuhin Roy

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