SINGAPORE DATA: Residue stocks hit 6-week high as fuel oil imports surge
23rd July 2021 14:29 GMT

 

Singapore's residue stock levels rose for a second consecutive week to a six-week high of 24.43 million barrels or 3.85 million mt, an increase of 5.80% from the week prior, Enterprise Singapore data for the week ended July 21 showed.

 

Underpinning the rise in residue inventory was a 79% increase in fuel oil imports over the same period to 1.28 million mt, as imports rose from all regions except Europe. The total imports were last higher in the week ended April 14, at 1.44 million mt.

After not receiving volumes the week prior, Singapore received 141,454 mt from Russia, mostly straight-run fuel oil, while similarly Egypt accounted for 33,597 mt of Africa's 36,952 mt volumes, after Singapore skipped imports from there the previous week.

Cargo from the Americas meanwhile rose 90% on the week to 382,262 mt, with 104,372 mt coming from Brazil shipped by state-owned Petrobras, and an 82,121 mt shipment from Colombia.

The UAE's tripling of volumes over the same period to 142,647 mt accounted for most of the 290% increase in cargo from the Middle East which totaled 176,244 mt.

In contrast, intra-Asia trade saw a more modest increase of 23.40% to 576,188 mt, with 90% of the incoming cargoes accounted for by cross-harbor trade with Malaysia, which hit 519,642 mt, 38% higher over the same period.

While July's total low sulfur fuel oil arbitrage imports are expected to total approximately 2.2 million mt, August inflows are expected to decline to approximately 1.5-1.8 million mt, according to traders surveyed by Platts.

 

Fuel oil exports surge 62% on week

 

Fuel oil exports meanwhile rose 62% on the week to 276,128 mt, boosted by a near doubling in volumes sent to Malaysia, which rose to 117,958 mt, at as well as a 38,975 mt shipment to Bangladesh.

Similarly, total exports were also boosted by a 46,684 mt shipment to the US, the first shipment since the week of April 1, 2020.

The week ended July 21 also saw the export of a 12,047 mt very low sulfur fuel oil parcel to Sri Lanka, sought by Lanka IOC to meet domestic bunker demand at Trincomalee and Colombo.

The shipments to Bangladesh and Malaysia offset a lack of exports to China and Taiwan, as well as a 53% fall in exports to Hong Kong to 32,052 mt.


Bunkerworld ,
23rd July 2021 14:29 GMT