Singapore’s residual fuel oil stocks have averaged 13% lower so far in May than across April, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from April to May (so far):

• Residual fuel oil stocks down 2.91 million bbls to 19.97 million bbls
• Middle distillate stocks up 308,000 bbls to 9.40 million bbls

Singapore’s fuel oil inventories have dropped below 20 million bbls amid a sharp 68% decline in net fuel imports this month. Imports decreased by 1.80 million bbls, while exports increased by 1.61 million bbls.

Data from cargo tracker Vortexa shows that the largest portions of fuel oil import this month have come from Russia (20%), the US (13%), and Thailand (10%). On the export front, a majority of the shipments have departed for China (61%), followed by Malaysia (20%).

In contrast, middle distillate stocks at the port have risen, averaging 3% higher than the previous month.

Changes in weekly average Singapore fuel oil trade from April to May (so far):

• Fuel oil imports down 1.80 million bbls to 4.82 million bbls
• Fuel oil exports up 1.61 million bbls to 3.23 million bbls
• Fuel oil net imports down 3.41 million bbls to 1.59 million bbls

Bunker availability in Singapore has improved this week amid subdued demand. VLSFO lead times have shortened from 9–17 days last week to 6–13 days currently. HSFO lead times have also decreased to about 5–9 days. Meanwhile, LSMGO lead times have been revised down from 3–10 days to 3–7 days now.

By Tuhin Roy

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