Singapore Fuel Oil Stocks Slip to Six-Month Low
The falling fuel oil stocks may be an indicator of growing bunker demand. Image Credit: Ship & Bunker / Data Credit: Reuters / Enterprise Singapore
Onshore fuel oil stocks in Singapore, the world's largest bunkering hub, have dropped for a sixth consecutive week to the lowest level in more than six months.
Onshore residual fuel inventories slipped by 21,000 bl to 19.2 million bl (2.9 million mt) in the week to May 17, news agency Reuters reported on Thursday, citing data from Enterprise Singapore.
The total was the lowest since the week to November 2, and has fallen every week since April 5.
Singapore reported 4.3 million mt of bunker demand in April, up by 13.4% from April 2022 but down by 1.9% from March's level. The further declines in fuel oil inventories since then may indicate a strengthening of bunker demand in the city-state's waters.