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SINGAPORE DATA: Residual fuel stocks plunge to near 3-year low as exports rise
13th May 2022 16:09 GMT

 

Singapore's residual fuel stocks plunged 15% week on week to 17.456 million barrels, or 2.75 million mt, at the week ended May 11, Enterprise Singapore data released late May 12 showed, amid a surge in exports.

 

The stocks were lowest since July 24, 2019 when they stood at 16.916 million barrels, the data showed.

Singapore's fuel oil exports surged week on week to 338,823 mt over May 5-11, compared with 125,515 mt the previous week.

Hong Kong was the biggest importer of Singapore fuel oil in the week, receiving 118,607 mt, while there were no exports to Hong Kong recorded the previous week. Hong Kong imports fuel oil for its bunker market.

Singapore exported 39,925 mt of fuel oil to China in the week, according to the data. There were no exports the previous week either. China has been reducing fuel oil imports over the last few years as it has raised low sulfur fuel oil production at domestic refineries.

Singapore exported 50,049 mt of fuel oil to Bangladesh over May 5-11 as the country has been increasing fuel oil purchases amid rising temperatures.

Meanwhile, Singapore's fuel oil imports rose 30.9% week on week to 791,409 mt in the week to May 11, the data showed.

About 512,772 mt, or 51% of the total arrived from suppliers in Asia, up 56.8% from the week before, including 284,684 mt from neighboring Malaysia, up 60.1% over the same period. Bunker suppliers in Singapore typically store blending components and perform offshore blending operations in floating storages at Tanjung Pelepas in Malaysia and transfer the finished product to onshore terminals in Singapore.

Singapore imported 108,036 mt of fuel oil from Japan in the week, down 0.7% week on week. Japan typically exports high sulfur fuel oil.

Singapore imported 273,151 mt of fuel oil from the Middle East in the week, up from 69,297 mt the previous week, the data showed. Middle East is one of Singapore's major sources of HSFO.

There have been no fuel oil imports from Russia since the week ended April 27, when 43,699 mt of imports were recorded.

 

 

Bunker demand steady

 

Bunker demand in Singapore remained steady on the week ending May 13. Shipowners had a healthy stream of inquiries, with some fixtures done for delivery after May 18.

Falling crude oil prices spurred demand for more competitively priced bunker fuel. However, higher freight rates in the tanker segment resulted in owners preferring to take bunkers at ports which they were berthed at, avoiding deviation to save sailing time.

Bunker fuel availability improved slightly as sellers offered low sulfur fuel oil for delivery five to eight days forward, compared with nine to 12 days the previous week.

The Singapore-delivered marine fuel 0.5%S bunker premium to Singapore marine fuel 0.5%S cargo fell 80 cents/mt day on day to $30.55/mt May 12, down from $32.10/mt the previous week.

Spot demand for high sulfur bunker fuel was lukewarm, with the premium for Singapore-delivered 380 CST high sulfur bunker fuel to Singapore 380 CST HSFO cargo falling to $61.91/mt May 12 from a near 30-month high of $84.78/mt April 28, S&P Global Commodity Insights data showed.


Bunkerworld .,
13th May 2022 16:09 GMT