Onshore fuel oil stockpiles in Singapore fell after climbing for three consecutive weeks, as both imports and exports declined from the previous week, data showed on Thursday.

Inventories (STKRS-SIN) fell 5.4% week-on-week to 24.66 million barrels (about 3.88 million metric tons) in the week to December 17, data from Enterprise Singapore showed.

Despite the decline, stocks remained well above average.

Fuel oil inflows into onshore storage slipped 19.0% to about 762,000 tons, with Indonesia as the top origin for the week.

Meanwhile, fuel oil outflows from Singapore tanks fell 41.0% to about 307,000 tons, though most of these volumes were headed to neighbouring storage hub Malaysia, a sign that regional supplies are still building.

Inventories also fell week-on-week as some sellers tried to clear stocks before the year ends.

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