Singapore fuel oil stocks fall on lower imports

Singapore onshore fuel oil inventories fell to a two-week low, driven by a fall in imports to the city state for the week ending 27 March, according to Enterprise Singapore data. Fuel oil imports fell to 6.16mn bl for the week ending 27 March, down by 24pc from 8.14mn bl in the previous week. Saudi Arabia, the UAE, Iraq and Russia were the top origins for arrivals into Singapore.

Light distillate stocks rose to a two-week high and remained above 15mn bl as import volumes rose by more than 50pc from a surge in imports from South Korea. The city state imported close to 1mn bl from South Korea, more than three times the amount for the week ending 20 March. Middle distillate stock levels were largely stable. Gasoil imports into the city-state continued to rise in the latest week, with more cargoes arriving from China, India, South Korea and Taiwan, the usual net-exporting countries in Asia.