Singapore’s residual fuel oil inventories were virtually unchanged in the week ending June 10, holding at a three-week high despite elevated net import volumes, official data showed.

Meanwhile onshore fuel oil stocks crept up by 2,000 barrels, (about 300 tonnes), to 25.687 million barrels, or 4.045 million tonnes in the week to June 10, data from Enterprise Singapore showed.

Residual fuel stocks came in 8% higher from the same period a year ago, and were nearing a more than one-year high of 26.172 million barrels, (4.122 million tonnes), in the week to May 20.

Net import volumes climbed 10% to a near four-month high of 1.048 million tonnes and were above the 2020 weekly average of 706,000 tonnes. Weekly figures, however, were volatile.

Firm residual fuel output, falling exports to China and persistently sluggish spot bunker fuel demand in the Singapore hub contributed to the elevated stock levels, trade sources said.

The largest net imports into Singapore were Malaysia’s 541,000 tonnes, followed by Iraq with 163,000 tonnes, the United States with 104,000 tonnes and Taiwan with 85,000 tonnes.

Singapore fuel oil imports from the United States were at a more than 10-month high while imports from Iraq were at a four-month high.

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16th June 2020