Onshore fuel oil stockpiles in Singapore dipped for a third consecutive week, logging a three-month low, official data showed on Thursday.

Inventories for residual fuels (STKRS-SIN) fell to 22.80 million barrels (about 3.59 million metric tons) in the week to September 24, down 4.2% from the previous week, Enterprise Singapore data showed.

However, the inventories still averaged higher in September so far at about 25.5 million barrels per week, compared with 24.7 million barrels per week in August, according to calculations based on the data.

Fuel oil imports totalled about 751,000 tons, climbing 26% week-on-week. Denmark was the top origin for inflows in the week, with volumes recorded at over 155,000 tons.

Meanwhile, exports from Singapore storage tanks totalled about 333,000 tons, up 25% week-on-week. China was the top destination seeing volumes of about 140,000 tons.

Total fuel oil supply to Asia has softened this month compared to the previous, though the volumes remained high. September residual fuel arrivals are estimated at 5.65 million tons month-to-date, 2.4% lower than August, based on LSEG Oil Research this week.
Source: Reuters