Bunker demand is climbing in Singapore. File Image / Pixabay
Residue stock levels in Singapore dropped to the lowest level in eight months last week, according to price reporting agency S&P Global Platts.
Commercial onshore residue stocks sank by 6.6% to 20.735 million barrels in the week to September 9, Platts reported Monday, citing data from Enterprise Singapore.
Fewer cargoes arrived in Singapore last month, and floating storage volumes are also said to be falling, Platts said, and demand is increasing.
Very low sulfur fuel oil prices in Singapore sank by $26/mt last week to $311/mt by Friday, according to Ship & Bunker pricing. That was the lowest level seen since June 15.