Jan 25, 2019 General Comments Off on Singapore fuel oil inventories climb as net imports rebound
Singapore fuel oil inventories climbed 8 percent in the week to Jan. 23, snapping four straight weeks of inventory declines in line with rising net imports of the fuel during the week, official data released on Friday showed.
� Onshore fuel oil stocks jumped 1.408 million barrels (about 210,000 tonnes) from the previous week to a three-week high of 19.812 million barrels, or 2.957 million tonnes, in the week to Jan. 23, data from Enterprise Singapore showed.
� Net fuel oil imports in the week to Wednesday came in at a two-week high of 900,000 tonnes, up 37 percent from the week before and were above the 52-week average of 805,000 tonnes. Weekly figures like these, however, are volatile.
� This week's onshore fuel oil inventories were 11 percent lower than a year earlier.
� Singapore's net exports of fuel oil to China topped the week ended Jan. 23 at 157,000 tonnes, a seven-week high, followed by Qatar at 65,000 tonnes and Japan at 63,000 tonnes.
� The largest net imports into Singapore originated from Russia at 478,000 tonnes, followed by the United States at 324,000 tonnes, Iraq at 194,000 tonnes and Taiwan at 74,000 tonnes.
� Singapore fuel oil imports from the United States in the week to Jan. 23 were at a seven-month high.
� Fuel oil inventories in Singapore have averaged 18.957 million barrels, or 2.829 million tonnes, a week since the start of 2018.
Source: Hellenic Shipping News Worldwide
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