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Singapore Fuel Oil Stocks Jump to Seven-Week High

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Repost: Fuel oil stocks in Singapore have risen to the highest level in seven weeks, in a sign of slowing demand at the world’s largest marine fuels hub.

Onshore fuel oil stocks climbed by 109,000 bl to21.8 million bl in the week to Wednesday, news agency Reuters cited Enterprise Singapore data as showing on Thursday.

While the total was at a seven-week high, it was still 6% lower than at this time last year and below 2021’s year-to-date average of 22.76 million bl.

Net fuel imports sank by 47% on the week to 609,000 mt, compared to the year-to-date average level of 681,000 mt.

Bunker demand in Singapore dropped to a four-month low of 3.9 million mt last month, down by 3.4% from August’s level and by 6.7% from September 2020.

 

Source:
Ship & Bunker

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