Onshore fuel oil inventories in Singapore increased for a third straight week, climbing to levels close to a one-month high, official data showed.

Residual fuel stockpiles grew 7.1% to 21.50 million barrels, or about 3.39 million metric tons, in the week ending May 20, according to Enterprise Singapore.

Imports increased 4.5% from the previous week to approximately 983,000 tons, with Brazil and the United States serving as the primary cargo origins.

Exports rose 20.1% to roughly 495,000 tons during the same period. Saudi Arabia, Bangladesh and Sri Lanka were the main destinations for shipments.

Prompt fuel oil markets in Asia have shown signs of weakening in recent sessions, as spot demand fundamentals remained subdued while arbitrage inflows stayed largely firm.
Source: Investing.com