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Singapore fuel oil stocks drop despite shrinking exports

Singapore fuel oil stocks drop despite shrinking exports

SINGAPORE: Singapore weekly onshore fuel oil inventories fell 10 percent, or 2.462 million barrels (about 367,000 tonnes), to a two-week low of 22.728 million barrels (3.392 million tonnes) in the week ended Jan. 3, data from International Enterprise (IE) Singapore showed on Thursday.

This came despite a 149 percent jump in fuel oil net imports into Singapore, which climbed to a 33-week high of 1.457 million tonnes, as imports climbed to a 10-week high and exports fell to a seven-week low, Reuters calculations showed. The latest inventory drop effectively wiped out the 382,000-tonne jump in fuel oil stocks in the preceding week. Onshore fuel oil inventories were 22 percent higher than the same time last year. Singapore’s net exports of fuel oil to China topped the week at 196,000 tonnes, followed by Hong Kong with 50,000 tonnes and Bangladesh with 25,000 tonnes, the data showed.

The largest net imports into Singapore originated from Venezuela at 303,000 tonnes, followed by Brazil at 156,000 tonnes, Iraq at 149,000 tonnes and Russia 142,000 tonnes, according to the data.