Singapore’s onshore fuel storage volumes bounced back above 21 million barrels and remained above average for the sixth week in a row, official data showed on Thursday. Residue inventories were at 21.11 million barrels (3.32 million tonnes) in the week to Jan. 22, up 1.7% week-on-week and holding above the typical average of 19.7 million barrels per week, Singapore company data showed . Inventories have been holding high in the Asian storage hub since late December, although markets continue to eye supply-side risks to Russian oil movements in the wake of recent sanctions.
Total fuel oil imports into onshore storage dipped week-on-week to around 867,000 tonnes in the week to January 22, with the bulk of these imports coming from Brazil, Saudi Arabia and Russia. Meanwhile, total fuel oil exports fell from the previous week to around 398,000 tonnes, with most of the outflow heading to China. Singapore’s cash differential for high-sulphur and low-sulphur fuel oil has more than doubled compared with early January, although the recovery has stalled this week amid mixed drivers.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)
