PHOTO
Image used for illustrative purpose. A view of Tullow Oil's newly completed Floating Production, Storage and Offloading vessel (FPSO) Prof. John Evans Atta Mills at Sembcorp Marine's Jurong Shipyard in Singapore January 20, 2016. Image used for illustrative purpose. Edgar Su/File Photo, Reuters
SINGAPORE: Onshore fuel oil stockpiles at key trading hub Singapore fell to their lowest in three weeks as imports eased, data showed on Thursday. Residual fuel inventories were at 22.5 million barrels (about 3.54 million metric tons) in the week to May 1, based on Enterprise Singapore data. Net imports totalled about 780,000 tons for the week, down 12% from the previous week. The top three supply origins recorded for the week were Russia and Indonesia, excluding movements from storage facilities in Malaysia. Meanwhile, outflows from Singapore onshore tanks mostly headed to Australia, South Korea and India. Spot premiums for both the high-sulphur fuel oil and low-sulphur fuel oil markets have recovered slightly in recent sessions. Week to May. 1, Fuel oil (in Total Total Net metric tons) Imports Exports Imports AUSTRALIA 0 10,998 -10,998 BANGLADESH 0 0 0 BRAZIL 60,139 0 60,139 CONGO 1,768 0 1,768 INDIA 0 176 -176 INDONESIA 82,102 7 82,095 IRAQ 20,000 0 20,000 JAPAN 18,159 0 18,159 KOREA 5,024 7,610 -2,587 MALAYSIA 251,232 96,548 154,685 MEXICO 69,824 0 69,824 NETHERLANDS 17,000 0 17,000 NIGERIA 33,233 0 33,233 RUSSIA 272,312 0 272,312 TAIWAN 44,446 0 44,446 THAILAND 19,689 0 19,689 UNITED STATES 0 0 0 TOTAL 894,927 115,339 779,588 (Data from Enterprise Singapore)
Reuters