Onshore fuel oil stockpiles in Singapore rebounded after last week’s decline, breaching 25 million barrels, as imports surged, official data showed on Thursday.

Inventories for residual fuels (STKRS-SIN) rose to 25.06 million barrels (about 3.95 million metric tons) in the week to October 15, up 5.9% from the previous week and logging a four-weeks high, Enterprise Singapore data showed.

Fuel oil imports recovered above 1 million tons, up over 71% from the previous week. Iraq and the United Arab Emirates were the top supply origins.

Exports also climbed, more than doubling from the previous week. Fuel oil outflows from the tanks totalled 614,000 tons, with China as the top destination.
The high inventories in Singapore have been capping markets from recovering. Spot differentials for both high-sulphur and low-sulphur fuel oil remained in discounts this week.
Source: Reuters