Onshore fuel oil stockpiles rose in Singapore amid an uptick in imports while exports dipped, official data showed on Thursday.

Residual fuel inventories (STKRS-SIN) rose 1.3% to 23.70 million barrels (3.73 million metric tons) in the week to July 23, according to Enterprise Singapore.

The inventories held above weekly average levels for a tenth consecutive week, calculations showed.

Imports exceeded 1.09 million tons in the week, up 32% from the previous week, led by strong inflows from Middle Eastern countries including Iraq and the United Arab Emirates.

Meanwhile, exports from Singapore onshore tanks dipped 15% week-on-week to about 386,000 tons, with most volumes headed for Bangladesh and China.

Amid persistently high inventories, spot market benchmarks remained under pressure. High-sulphur price differentials held in discounts this week, while low-sulphur price differentials logged narrower premiums.
Source: Reuters