SINGAPORE DATA: Residual fuel stocks fall 4.9% in week to July 20 amid higher exports
22nd July 2022 11:12 GMT

Singapore's residual fuel stocks fell 4.9% week on week to 19.802 million barrels in the week to July 20, Enterprise Singapore data showed late July 21, amid higher exports.

The stocks were the lowest since May 18, when stocks were 18.767 million barrels, according to the data.

The stocks declined amid higher exports. Market sources also 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 exported 395,846 mt of fuel oil in the week of July 14-20, up 89.5% from the previous week, and the exports were the highest since the week ended March 30, the data showed.

Malaysia was the top destination of Singapore fuel oil, receiving 105,312 mt in the week, surging from 33,598 mt in the previous week, followed by Bangladesh, which received 90,193 mt of fuel oil in the week. There were no fuel oil exports to Bangladesh in the previous week. Bangladesh is a regular 180 CST buyer from Singapore.

Hong Kong was also one of the major destinations of Singapore fuel oil, taking 83,400 mt in the week, while nearly nil was sent to Hong Kong in the previous week.

On the other hand, Singapore's fuel oil imports jumped 46.4% week on week to 1.24 million mt over July 14-20, the data showed.

Imports from Asia, accounting for 50% of total imports, soared 83.7% to 613,352 mt in the week to July 20.

Fuel oil imports from Europe accounted for 18% of the total imports at 228,601 mt in the week to July 20, up 42.5% week on week. Greece was the biggest supplier in Europe, sending 170,154 mt of fuel oil to Singapore in the week. There were no imports from Greece recorded in the prior week. Imports from Greece averaged 9,584 mt a week in 2021, according to the data.

Singapore also imported 59,971 mt of fuel oil from Russia, while there were no fuel oil imports in the previous week, the data showed.

 

Steady bunker demand

 

Bunker demand in Singapore was steady in the week ending July 22, while supply continues to remain constrained.

Singapore marine fuel 0.5%S cargo market indicators showed weakness, but traders still said supply remained tight.

Delivered marine fuel 0.5%S was offered as early as six days forward, though most suppliers were requesting 12-14 days lead time.

Bunker prices were pressured by lower crude during the week, as well as by weakness in the upstream cargo market. The marine fuel 0.5%S cargo market is following gasoil market, which has been plunging since mid-July, as about 70% of marine fuel 0.5% consists of middle distillate, market sources said.

Delivered marine fuel 0.5%S averaged $976.75/mt in the week ended July 21, down 2% from the previous week.

Steady demand and underlying supply tightness supported the delivered premium, which rose 4% on the week to $112.42/mt in the week ended July 21.


Platts ,
22nd July 2022 11:12 GMT