Singapore’s residual fuel oil stocks have averaged 1% lower so far in March 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 169,000 bbls to 18.68 million bbls
• Middle distillate stocks up 493,000 bbls to 10.57 million bbls

Singapore’s fuel oil stocks have dropped below 19 million bbls, even as net fuel oil imports at the port have risen sharply by 74% this month. Fuel oil imports have increased by a significant 1.69 million bbls, while exports have declined by 296,000 bbls.

According to cargo tracker Vortexa, the majority of fuel oil cargoes this month came from Russia (19%), Brazil (15%), and the UAE (9%). Meanwhile, Singapore’s fuel oil exports were primarily shipped to China (28%), Malaysia (18%), and Indonesia (8%).

In contrast to fuel oil, the port’s middle distillate stocks have risen, averaging 5% higher this month.

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

• Fuel oil imports up 1.69 million bbls to 6.09 million bbls
• Fuel oil exports down 296,000 bbls to 1.42 million bbls
• Fuel oil net imports up 1.98 million bbls to 4.67 million bbls

In Singapore, VLSFO lead times have increased from 2–10 days last week to 4–10 days now. HSFO lead times have also risen from 2–4 days to 4–8 days. Meanwhile, LSMGO lead times have improved to 4–5 days, down from 6–9 days last week.

However, adverse weather is expected at the port on 31 March, which could affect bunker deliveries.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online