Singapore’s residual fuel oil stocks have averaged 2% higher so far in August than across July, according to Enterprise Singapore.

Changes in monthly average Singapore stocks from July to August (so far):

• Residual fuel oil stocks up 566,000 bbls to 24.68 million bbls
• Middle distillate stocks up 473,000 bbls to 9.26 million bbls

Singapore’s fuel oil inventories have climbed above 24 million bbls despite a 4% decline in the port’s net fuel oil imports this month. Imports have dropped by 438,000 bbls, while exports have fallen by a smaller 295,000 bbls.

According to cargo tracker Vortexa, this month’s fuel oil inflows have mainly come from the UAE (11%), Russia (8%), and the US (7%). On the outbound side, over half of Singapore’s fuel oil cargoes have left for China (39%), followed by South Korea (19%) and Bangladesh (6%).

The port’s middle distillate inventories have also increased, averaging 5% higher compared to last month.

Changes in Singapore fuel oil trade from July to August (so far):

• Fuel oil imports down 438,000 bbls to 5.92 million bbls
• Fuel oil exports down 295,000 bbls to 2.58 million bbls
• Fuel oil net imports down 142,000 bbls to 3.33 million bbls

Bunker demand in Singapore has remained subdued so far this week, according to a source. VLSFO deliveries continue to require 7–10 days, unchanged from last week, while HSFO supply remains steady with similar lead times of 7–10 days. LSMGO availability has tightened slightly, with recommended lead times of 4–5 days.

By Tuhin Roy

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