Singapore’s residual fuel oil stocks have averaged 3% lower so far in February than across January, according to Enterprise Singapore.

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

• Residual fuel oil stocks down 573,000 bbls to 19.50 million bbls
• Middle distillate stocks up 1 million bbls to 10.29 million bbls

Singapore’s fuel oil stocks have dropped below 20 million bbls, amid a significant 23% decline in the port’s net fuel imports this month. Fuel oil imports have decreased by 1.31 million bbls, while exports have fallen by 467,000 bbls.

According to cargo tracker Vortexa, the main sources of fuel oil cargoes this month have been Brazil (20%), Russia (13%) and the UAE (12%). More than half of the fuel oil cargo volumes from Singapore have been bound for China (57%), followed by Russia (8%) and Indonesia (6%).

In contrast, the port’s middle distillate stocks have risen, averaging 11% higher than last month.

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

• Fuel oil imports down 1.31 million bbls to 4.65 million bbls
• Fuel oil exports down 467,000 bbls to 1.78 million bbls
• Fuel oil net imports down 844,000 bbls to 2.87 million bbls

VLSFO bunker availability has improved, with most Singapore suppliers now recommending lead times of 2-5 days, down from 5–9 days last week. HSFO lead times are at 2-8 days, nearly unchanged from the previous week, while LSMGO lead times are steady at 3–5 days.

By Tuhin Roy

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