Singapore’s residual fuel oil stocks have averaged 6% lower so far this month than across February, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks down 1.18 million bbls to 17.67 million bbls
• Middle distillate stocks up 612,000 bbls to 10.69 million bbls

Despite a 59% surge in net fuel oil imports in March, Singapore’s fuel oil stocks have fallen below 18 million bbls, the lowest since September. Imports rose by 1.53 million bbls, while exports saw a slight decline of 44,000 bbls.

According to cargo tracker Vortexa, fuel oil shipments this month primarily arrived from Russia (16%), Brazil (15%) and Indonesia (11%), while outbound cargoes were mainly destined for China (45%), Indonesia (16%) and Malaysia (15%).

In contrast, the port’s middle distillate stocks have averaged 6% higher this month.

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

• Fuel oil imports up 1.53 million bbls to 5.94 million bbls
• Fuel oil exports down 44,000 bbls to 1.67 million bbls
• Fuel oil net imports up 1.58 million bbls to 4.26 million bbls

VLSFO lead times in Singapore now range from 2–10 days, narrowing from last week’s 3–12 days. HSFO and LSMGO supply remains stable, with lead times of 2–4 days and 6–9 days, respectively—almost unchanged from last week.

By Tuhin Roy

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