April 2, 2018 [The Edge Markets] - Singapore weekly onshore fuel oil inventories fell 10%, or 2.529 million barrels (377,000 tonnes) to a five-week low of 21.691 million barrels (about 3.24 million tonnes) in the week ended March 27, data from International Enterprise (IE) Singapore showed on Wednesday.
This came as weekly net imports of fuel oil into Singapore slipped 8% from the week before to a two-week low of 803,000 tonnes, the data showed.
In the week ended March 21, Singapore fuel oil stocks climbed to a 2018 high of 24.22 million barrels (about 3.61 million tonnes).
A fire broke out on Tuesday last week at an oil storage tank at Tankstore’s Pulau Busing terminal in Singapore that was said to contain an unknown quantity of fuel oil. Compared with year-ago levels, the latest onshore fuel oil inventories were 15% lower.
Singapore’s net exports of fuel oil to South Korea topped the week to March 27 at 161,000 tonnes, followed by China with 104,000 tonnes and Fiji with 9,000 tonnes, the data showed.
The largest net imports into Singapore originated from the Netherlands at 274,000 tonnes, followed by Malaysia at 265,000 tonnes, Russia at 229,000 tonnes and Thailand at 62,000 tonnes, according to the latest data.
Fuel oil imports into Singapore from Venezuela were absent for a sixth consecutive week, the longest absence in at least two years. Fuel oil inventories in Singapore have averaged 22.277 million barrels (3.32 million tonnes) a week since the start of 2018.
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