Asia/Pacific News
Singapore Fuel Oil Stocks Slump to Six-Month Low
Friday May 12, 2023
Residual fuel oil stocks in Singapore have dropped to the lowest level in six months.
Onshore fuel oil stocks in the city-state sank for a fifth consecutive week to 19.19 million barrels in the week to May 10, the lowest level in six months, news agency Reuters cited Enterprise Singapore data as showing this week.
The drop may be an indicator of improving bunker demand. But fuel oil imports into Singapore are also in decline, dropping by 49% on the previous week to 278,000 mt.
Singapore, the world's largest marine fuels hub, saw bunker sales rise by 10.8% year-on-year in March and advance by 10% from February's level.
