Onshore fuel oil stockpiles in major oil storage hub Singapore rose six per cent from the previous week to a nine-week high in the week to November 12, data showed on Thursday. Inventories of residual fuels were at 25.95 million barrels (about 4.09 million tonnes), according to Enterprise Singapore data.
The gain came despite a drop in imports, which totalled about 603,000 tonnes, down 14 per cent week-on-week. Most inflows came from regional storage hub Malaysia, while Brazil and Iraq were also top origins of supply.
Meanwhile, fuel oil exports from onshore tanks increased 19 per cent to about 283,000 tonnes, with China and the Philippines as key destinations. Singapore fuel oil inventories remained well above the year-to-date average of about 22 million barrels per week.
"The high sulphur market is weighed by higher volumes from the Middle East as Fujairah's bunker demand softened with supply to Asia rising as seasonal residual requirements for electricity weakened," said analysts from LSEG Oil Research.
(Reporting by Lucas Liew; Editing by Subhranshu Sahu)
