Onshore fuel oil stockpiles in Singapore dropped to the lowest in three months, data showed on Thursday, after imports dipped while exports rose. Inventories fell 8.2 per cent from the previous week to 23.38 million barrels (about 3.68 million tonnes) in the week to January 21, data from Enterprise Singapore showed.
Demand for downstream marine fuel was also robust in recent days amid a seasonal uptick, several trade sources said. Outflows of fuel oil also climbed, spurring the drawdown. Exports from onshore tanks totalled nearly 485,000 tons in the week, more than double of the previous week.
Most of the outflows were headed for China. Meanwhile, imports into onshore tanks dipped 13 per cent week-on-week to about 960,000 tonnes, with Indonesia as the top origin for the week.
Spot market differentials for fuel oil have improved in recent sessions, with February pricing indications strengthening versus January.
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
