Singapore’s residual fuel oil inventories rose 4% in the week ended May 13 despite lower net import volumes, official data showed on Thursday, in a sign of sluggish marine fuel demand at the world’s top bunkering hub.

– Onshore fuel oil stocks rose by 851,000 barrels (about 134,000 tonnes) from the previous week to 24.987 million barrels or 3.935 million tonnes, data from Enterprise Singapore showed. – Residual fuel stocks were 5% higher than a year earlier.

– This came despite lower net import volumes which dropped 42% from the previous week to a two-week low of 348,000 tonnes, less than half of the 2020 weekly average of 704,000 tonnes. Weekly figures, however, are volatile.

– Spot bunker fuel demand was sluggish in the Singapore hub over the past few weeks, said four trade sources.

– Singapore marine fuel sales slipped to a two-month low of 4.114 million tonnes in April, down 5% from March but were 11% higher than year-earlier levels, official data showed on Wednesday.

– For the week, most of Singapore’s net fuel oil exports were to China at 60,000 tonnes, followed by 17,000 tonnes to Papua New Guinea and 10,000 tonnes to Vietnam.

Last updated on Sat., May 16, 2020.