Singapore’s residual fuel oil stocks have averaged 11% higher so far this month than across May, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks up 2.44 million bbls to 23.71 million bbls
• Middle distillate stocks down 1.06 million bbls to 10.72 million bbls

Singapore’s fuel oil imports have increased by 4%, rising by 173,000 bbls, this month. This rise has far exceeded the 48,000-bbl growth in exports, resulting in a buildup of stock levels.

According to cargo tracker Vortexa, the majority of this month’s fuel oil imports have originated from Russia (27%), followed by the UAE (20%) and Nigeria (14%). On the export front, over half of Singapore’s fuel oil shipments were sent to China (61%), with Malaysia (6%) and Iraq (5%) also receiving notable volumes.

Additionally, the port’s middle distillate stocks have averaged 11% higher in June compared to May.

Changes in Singapore fuel oil trade from May to June (so far):

• Fuel oil imports up 173,000 bbls to 5.05 million bbls
• Fuel oil exports up 48,000 bbls to 2.60 million bbls
• Fuel oil net imports up 125,000 bbls to 2.45 million bbls

In Singapore, VLSFO lead times have shortened to 5–10 days amid “quiet” demand, down from 7–14 days last week. LSMGO availability has also improved, with several suppliers now indicating lead times of 2–6 days, compared to 3–10 days previously. In contrast, HSFO lead times have increased to 7–10 days, up from 2–8 days last week.

By Tuhin Roy

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