Singapore onshore fuel oil stockpiles fell to their lowest in more than eight months as imports slumped for the week, data showed on Thursday. Inventories slipped 14.7 per cent from the previous week to 19.94 million barrels (about 3.14 million tonnes) in the week to January 28, down for a second consecutive week, data from Enterprise Singapore showed.
The drawdown emerged as imports slowed, while demand for marine fuel deliveries edged up in recent weeks, trade sources said. Imports into onshore tanks declined 48 per cent week-on-week to around 503,000 tonnes, the Enterprise data showed.
Top origins for the imports included neighbouring storage hub Malaysia, as well as arrivals from Estonia. Meanwhile, exports from Singapore onshore tanks also fell, sliding 42 per cent to about 282,000 tonnes in the week. China remained the top destination.
Amid lower inventories, spot markets for fuel oil have strengthened, with high-sulphur cash differentials hitting seven-month highs recently.
(Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Harikrishnan Nair)
