Singapore residual fuel oil inventories jumped 7% in the week ended Nov. 24, climbing to an 11-week high as net import volumes rose, official data showed on Thursday.

Onshore fuel oil stocks rose by 1.55 million barrels, or about 244,000 tonnes, to 22.9 million barrels, or 3.61 million tonnes, Enterprise Singapore data showed. O/SING1

However, residual fuel stocks were 5% lower than a year earlier and below the 2021 weekly average of 22.7 million barrels.

Weekly net imports, meanwhile, were up 16% from the previous week at a four-week high of 678,000 tonnes, on par with the 2021 weekly average of 679,000 tonnes. Weekly figures, however, are volatile.

The largest net imports were from Algeria at 317,000 tonnes, a record high, followed by Malaysia at 299,000 tonnes, the United Arab Emirates at 158,000 tonnes and Brazil with 103,000 tonnes.

The top net export destinations for Singapore fuel oil were Hong Kong at 134,000 tonnes, followed by China at 57,000 tonnes and Australia at 45,000 tonnes.

Exports to Hong Kong were at a five-month high.

 

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Singapore Fuel Oil Stocks Jump As Imports Climb