Singapore onshore fuel oil stockpiles extended gains to three-week highs, official data showed on Thursday.

Residual fuel inventories (STKRS-SIN) rose 4.1% to 24.67 million barrels (3.88 million metric tons) in the week to July 30, according to Enterprise Singapore.

Inventory levels have been hovering above weekly average levels for more than ten weeks, weighing on market benchmarks.

High-sulphur price differentials ended the month in steep discounts, while low-sulphur price differentials saw weaker premiums versus the start of the month.

Fuel oil imports remained near 1 million tons in the week to July 30, with most arrivals coming from Brazil.

Meanwhile, exports from Singapore onshore tanks climbed week-on-week to about 465,000 tons, with most volumes headed for China.
Source: Reuters