Onshore fuel oil stockpiles snapped a three-week run of gains as both imports and exports declined, official government data showed on Thursday.

Residual fuel inventories (STKRS-SIN) dropped to 23.38 million barrels ( 3.68 million metric tons) in the week to July 17, down 5.4% from the previous week, according to Enterprise Singapore data.

Net imports totalled about 370,000 tons for the week, down 34% from the previous week.

The top three supply origins recorded for the week were Iraq and Indonesia, excluding movements from storage facilities in Malaysia.

Meanwhile, outflows from Singapore onshore tanks mostly continued heading to China, though volumes fell slightly week-on-week to around 158,000 tons.

The spot market differential for high sulphur fuel has narrowed in discounts this week, pricing data showed.
Source: Reuters