Singapore’s residual fuel oil stocks have averaged 28% higher so far in December than across November, according to Enterprise Singapore.

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

• Residual fuel oil stocks up 5.17 million bbls to 23.44 million bbls
• Middle distillate stocks up 945,000 bbls to 10.96 million bbls

Singapore's fuel oil stocks have risen to over 23 million bbls, reaching their highest levels in over three years. The port has experienced a notable increase of 32% in net fuel oil imports in December, with imports rising by a significant 757,000 bbls while exports have decreased by 107,000 barrels.

According to cargo tracker Vortexa, the majority of fuel oil shipments have come from the UAE (16%), Russia (14%) and Brazil (12%). Fuel oil exports from Singapore have primarily been sent to China (39%), Malaysia (19%) and South Korea (12%).

The port's middle distillate stocks have averaged 9% higher in December compared to November.

Changes in monthly average Singapore fuel oil trade from November to December (so far):

• Fuel oil imports up 757,000 bbls to 5.54 million bbls
• Fuel oil exports down 107,000 bbls to 1.97 million bbls
• Fuel oil net imports up 864,000 bbls to 3.58 million bbls

Bunker availability of VLSFO has tightened, with lead times rising from seven days last week to approximately 10 days now. Some suppliers can fulfill orders in as little as five days, but these expedited deliveries are typically priced higher than those for later dates.

The supply of HSFO also remains tight, with recommended lead times ranging from 10-19 days. Meanwhile, lead times for LSMGO deliveries have increased from 2-3 days last week to 4-7 days now.

By Tuhin Roy

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