Singapore’s residual fuel oil stocks averaged 23% higher in December than across November, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from November to December:

• Residual fuel oil stocks up 4.14 million bbls to 22.41 million bbls
• Middle distillate stocks up 211,000 bbls to 10.23 million bbls

Singapore's fuel oil stocks remained above 22 million bbls in December amid a 93% surge in net fuel oil imports. Imports increased by a significant 2.10 million bbls, while exports fell by 424,000 bbls.

According to cargo tracker Vortexa, the largest share of fuel oil imports came from Russia (16%), followed by Brazil (15%) and the UAE (12%). The split between high sulphur fuel oil (HSFO) and low sulphur fuel oil (LSFO) was nearly even, with HSFO accounting for 46% and LSFO for 54%.

Most of Singapore’s fuel oil exports were shipped to China (43%), South Korea (23%) and Malaysia (11%).

Meanwhile, the port’s middle distillate stocks rose slightly, averaging 2% higher in December compared to November.

Changes in Singapore fuel oil trade from November to December:

• Fuel oil imports up 2.10 million bbls to 6.89 million bbls
• Fuel oil exports down 424,000 bbls to 1.65 million bbls
• Fuel oil net imports up 2.53 million bbls to 5.24 million bbls

VLSFO availability has improved in Singapore, with lead times dropping to 6-9 days from 10 days last week. HSFO lead times remain steady at 10-13 days, while LSMGO lead times range from 4-14 days.

By Tuhin Roy

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