Oil storage: filling up. File Image / Pixabay
Singapore residual fuel oil inventories climbed by 5% in the week to June 9, extending sharp gains from the previous week as export volumes plunged, Reuters reports citing Enterprise Singapore data released on Thursday.
Onshore fuel oil stocks rose by 1.32 million barrels, or about 209,000 metric tonnes (mt), to a five-week high of 26.92 million barrels, or 4.24 mt, the data showed.
The fuel oil stock was near a more than four-year high of 27.23 million barrels recorded at the start of May, the report said.
With Singapore fuel oil exports at a four-week low of 182,000 mt in the week to June 9, down 37% from a 2021 weekly average of 289,000 mt, the weaker export data fuelled the rise in onshore stocks.
The largest net imports were from Malaysia at 302,000 mt, followed by Algeria with 193,000 mt, Colombia with 70,000 mt and Japan with 68,000 mt.