SINGAPORE DATA: Residue stocks fall to 22.90 mil barrels as fuel oil imports plunge
30th July 2021 10:32 GMT

Singapore's residue stock levels reversed two consecutive weeks of rise, falling 6.26% at 22.904 million barrels, or 3.61 million mt, showed Enterprise Singapore data for the week ended July 28. The inventory level declined on the back of a concurrent doubling of fuel oil exports as well as a 46% fall in fuel oil imports over the same period.

The drop in fuel oil imports to 685,848 mt came on the back of falls across the board from all regions, with nil volumes from Russia, the Middle East and Europe.

Ahead of an anticipated fall in incoming volumes of low sulfur fuel oil from the Americas into Singapore in August, cargo imports fell 72% to 106,802 mt, mostly due to a 38.80% decline in cargo from Brazil to 63,872 mt, and a 100% fall in volumes from Mexico.

Egypt's 26,167 mt represented nearly all the volumes from Africa for the second consecutive week, accounting for a 29.17% decline from the continent.

Within-Asia trade dipped 4% at 552,861 mt, mostly caused by a 13.14% fall in cross-harbor volumes held in floating storages off Malaysian waters to 451,372 mt.

 

 

EXPORTS DOUBLE ON WEEK

 

 

Also underpinning the fall in residue stock levels was a 114% increase in fuel oil exports on the week to 592,095 mt, led by a 225,611 mt shipment to China -- the largest weekly shipment since the week ended Nov. 21, 2018, the data showed.

"There was quite a bit of demand from some southern China ports at the start of July, specifically focusing on the end of the month, so it was not entirely unexpected for us," said a Singapore-based trader.

Similar to China-bound exports, which represented the first shipment in two weeks, Singapore exported 64,924 mt to Indonesia, and also saw a 23% increase in cross-harbor trade to Malaysia, which stood at 145,058 mt.

The first exports to the Philippines since the week ended July 7 stood at 64,970 mt, mostly to meet power generation demand, outweighing a 100% decline in volumes to Pakistan, as well as the halving of exports to Bangladesh to 19,031 mt over the same period.


Bunkerworld ,
30th July 2021 10:32 GMT