Singapore fuel oil stocks drop as weekly net imports slump & More Trending News

 

SINGAPORE, Jan 26 (Reuters) – Residual fuel oil stocks at key buying and selling hub Singapore fell for a 3rd consecutive week amid a pointy decline in weekly net imports.

Onshore fuel oil stocks dipped 3% to 12-week lows of 19.59 million barrels (3.09 million tonnes) within the week ended Jan. 25, Enterprise Singapore information confirmed.

Weekly net imports dived by 39% to 376,000 tonnes in the identical week, as extra provides have been exported regionally inside Asia.

Largest net fuel oil imports into Singapore have been from Malaysia at 189,000 tonnes, adopted by Brazil at 101,000 tonnes and Pakistan at 55,000 tonnes.

Top locations for fuel oil net exports from Singapore have been Japan at 50,000 tonnes, Philippines at 46,000 tonnes and Thailand at 40,000 tonnes.

Reflecting decrease inventories and steady bunkering demand, spot fuel oil premiums in Singapore have discovered assist in latest classes.

Premiums for 0.5% very low sulphur fuel oil hit five-month highs within the earlier week, whereas premiums for 380-cst excessive sulphur fuel oil have additionally prolonged a light uptrend.

(Data from Enterprise Singapore)

Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

Singapore fuel oil stocks drop as weekly net imports slump

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Singapore fuel oil stocks drop as weekly net imports slump

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Singapore fuel oil stocks drop as weekly net imports slump

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