Singapore’s onshore fuel oil stockpiles edged higher this week, data showed on Thursday, with imports climbing from the previous week.

The onshore inventories held at 25.47 million barrels (about 4.01 million metric tons) in the week to January 14, up 0.3% from the previous week and maintaining above average, showed data from Enterprise Singapore.

Imports into onshore tanks gained 26% week-on-week to more than 1.1 million tons, with Russia recorded as the top origin for the week.

Meanwhile, exports from Singapore onshore tanks rose 4.9% to over 237,000 tons, with Philippines as a key destination for the week.

Spot market differentials have improved this week, though the high inventories continued to cap the extent of gains. Current onshore stocks were 23% higher than the same period a year ago.

Meanwhile, incoming supplies to Asia for January remained plentiful at more than 5 million tons, based on ship-tracking data from LSEG.
Source: Reuters