SINGAPORE DATA: Residual fuel stocks fall 2.7% to 20.8 mil barrels in week to July 13
15th July 2022 09:12 GMT

Singapore's residual fuel stocks fell 2.7% week on week to 20.821 million barrels in the week to July 13, Enterprise Singapore data showed late July 14, despite higher imports and lower exports.

The stocks have been relatively steady since the week ended May 25 and have been in the range of 20.194-21.422 million barrels, according to the data.

Market sources said stocks fell when there was a decrease in the transportation of finished bunker fuel from floating storage to landed terminals and when loadings to bunker barges became active.

Singapore inventory data only counts stocks in onshore terminals.

Singapore's fuel oil imports jumped 24.3% week on week to 844,422 mt over July 7-13, the data showed.

Imports from Asia, accounting for 40% of total imports, fell 8.8% to 333,954 mt in the week to July 13. Malaysia was the biggest fuel oil supplier to Singapore over July 7-13 with 209,943 mt, down 23.7% from the previous week.

Bunker suppliers in Singapore typically store blending components and perform offshore blending operations in floating storages at Tanjung Pelepas in Malaysia before transferring the finished product to onshore terminals in Singapore.

Fuel oil imports from the Americas saw the biggest week-on-week jump among the regions, with all 171,335 mt coming from Brazil, according to the data. There were no imports from Americas in the previous week. Brazil is one of the biggest low sulfur fuel oil component suppliers to Asia.

There have been turnaround at refineries in Brazil and cargo arrival from the country is lower than normal in July and August, said a fuel oil trader.

Singapore imported 160,396 mt of fuel oil from Europe over July 7-13, up 162.6% week on week, the data showed.

There were no fuel oil imports from Russia since June 30, according to the data.

On the other hand, Singapore's fuel oil exports dipped 1.1% on the week to 208,911 mt over July 7-13. Exports to China recorded the biggest drop by volume as 19,951 mt of fuel oil was exported, down 73.2% from a week earlier, according to the data. The second largest drop was seen in Bangladesh as no exports were recoded to the regular destination in the week, compared with 38,014 mt in the previous week.

 

Steady bunker demand

 

Bunker demand in Singapore has remained steady in the week ended July 15, despite high prices in the city state. Singapore delivered marine fuel 0.5% was assessed at a $20/mt premium to nearest competitor Zhoushan July 14, data from S&P Global Commodity Insights showed.

Despite lower crude prices this week, the downside for marine fuel prices at the top bunkering hub in the world has been limited by a constant stream of enquiries from shipowners, with many trying to book bunker deliveries well in advance due to the dearth of spot loading availability.

Lead time for delivered bunkers in Singapore ranges from eight to 14 days, but a number of sellers are advising customers to allow for at least 10 days lead time.

Singapore delivered marine fuel 0.5%S premium over benchmark Singapore marine fuel 0.5%S cargo assessments rose by $7.63/mt day on day to $110.65/mt July 14, S&P Global data showed, supported by healthy demand for delivered bunkers. It averaged $106.63/mt in the week to July 14, down from $113.49/mt in the previous week.

Singapore delivered marine fuel 0.5%S averaged $1,000/mt in the week to July 14, declining 7% from the previous week.


Bunkerworld .,
15th July 2022 09:12 GMT