Singapore’s residual fuel oil stocks have averaged 8% 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 1.93 million bbls to 20.94 million bbls
• Middle distillate stocks up 663,000 bbls to 9.76 million bbls

Singapore’s fuel oil stocks have dropped below 21 million bbls, driven lower by a sharp 56% decrease in net fuel imports this month. Imports declined by 1.75 million bbls, while exports rose by 1.03 million bbls.

According to cargo tracker Vortexa, the largest portions of fuel oil imports originated from Russia (28%), Indonesia (9%) and Brazil (7%). On the export front, nearly half of Singapore’s fuel oil shipments were directed to China (43%), followed by Malaysia (11%) and Sudan (8%).

In contrast, middle distillate stocks in the port have risen, averaging 7% higher than last month.

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

• Fuel oil imports down 1.75 million bbls to 4.87 million bbls
• Fuel oil exports up 1.03 million bbls to 2.65 million bbls
• Fuel oil net imports down 2.78 million bbls to 2.22 million bbls

In Singapore's bunker market, VLSFO lead times remain stable at 8–15 days amid sluggish demand, according to a source. LSMGO lead times have improved slightly, now ranging from 4–7 days compared to last week's 5–9 days. HSFO lead times remain inconsistent, fluctuating between 2–9 days.

By Tuhin Roy

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