Onshore fuel oil stockpiles in Singapore rebounded to their highest in three weeks, official data showed on Thursday.

Residual fuel inventories rose 7.3% to 24.72 million barrels (3.89 million metric tons) in the week to Aug. 27, according to data from Enterprise Singapore.

Total net imports declined from the previous week, but broader supply to the region has remained strong this month, while bunker demand remained average, according to industry sources.
Most of the week’s inflows came from neighbouring storage hub Malaysia. Key suppliers of the week were Russia and Mexico, based on the import volumes recorded.

Meanwhile, the top destination for outflows from Singapore onshore tanks was China.

The market was still largely amply supplied, trade sources said, though the low-sulphur market showed some signs of recovery. Spot differentials have flipped from discounts into premiums as of this week.
Source: Reuters