SINGAPORE: Singapore fuel oil inventories dipped to a three-week low in the week ended Jan. 2, even though net import volumes were slightly higher and well above the trailing 52-week average, official data released on Friday showed.
- Onshore fuel oil stocks declined 152,000 barrels (about 23,000 tonnes), or less than 1 percent, to 20.048 million barrels (2.992 million tonnes), in the week to Jan. 2, data from Enterprise Singapore showed.
- In the week to Dec. 19, Singapore fuel oil stocks hit a near seven-month high of 20.813 million barrels, or 3.106 million tonnes.
- Net fuel oil imports in the week to Wednesday came in at a four-week high of 992,000 tonnes, up 2 percent from the week before, and were well above the last 52-week average of 793,000 tonnes.
- However, this week's onshore fuel oil inventories were 12 percent lower than a year earlier.
- Net exports of fuel oil to Malaysia topped the week ended Jan. 2 at 157,000 tonnes, followed by Hong Kong at 100,000 tonnes, South Korea at 55,000 tonnes and Qatar at 45,000 tonnes.
- The fuel oil exports in the past week to Qatar marked the third time Singapore exported residual fuels to the gas-rich Gulf nation since at least December 2015 - as far as available records go back - data compiled by Reuters showed.
- The largest net imports into Singapore originated from Russia at 503,000 tonnes, an 11-month high, followed by the United States at 217,000 tonnes, the United Arab Emirates at 147,000 tonnes and Iraq at 97,000 tonnes.
- Fuel oil inventories in Singapore have averaged 18.951 million barrels, or 2.829 million tonnes, a week since the start of 2018, compared with 23.552 million barrels, or 3.515 million tonnes, in 2017.
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