Singapore onshore fuel oil inventories fell to their lowest level in two weeks, with imports slowing after a jump in the previous week, data showed on Thursday. Inventories fell 6.2 per cent to 22.70 million barrels (about 3.57 million tonnes) in the week to February 11, data from Enterprise Singapore showed.
Total fuel oil imports into onshore tanks slipped 8.1 per cent to about 876,000 tonnes over the week. Kuwait was the top origin for the imports, after it loaded out record-high volumes of fuel oil last month as production at the al-Zour refinery recovered.
Most of its cargoes were bound for Southeast Asia, according to trade sources and shipping data. Meanwhile, exports from Singapore onshore tanks fell 25.8 per cent week-on-week to about 352,000 tonnes.
China remained the top destination for Singapore's fuel oil outflows, as in prior weeks. The spot market for high-sulphur fuel oil retained strong premiums in recent sessions, while low-sulphur fuel oil held in discounts.
(Reporting by Jeslyn Lerh; Editing by Eileen Soreng)
