Onshore fuel oil stockpiles in Singapore rose to a two-week high, as both imports and exports rose from the previous week, data showed on Friday.

Inventories (STKRS-SIN) gained 4.3% week-on-week to 25.72 million barrels (about 4.05 million metric tons) in the week to December 24, data from Enterprise Singapore showed.

Fuel oil inflows into onshore storage increased 5.6% to about 804,000 tons, with Indonesia as the top origin for the week.

Meanwhile, fuel oil outflows from Singapore tanks climbed 66.4% to about 510,000 tons, though most of these volumes were headed to neighbouring storage hub Malaysia, a sign that regional supplies are still building.

Asia fuel oil markets have been weighed by the high inventories in recent months, with price differentials stuck in discounts.

Source: Reuters