Residual fuel oil stocks at key trading hub Singapore climbed from the previous week as net imports rose for a third consecutive week.

Onshore fuel oil stocks rose by 2% to 21.33 million barrels (3.36 million tonnes) in the week ended Jan. 4, Enterprise Singapore data showed.

The slight uptick came amid a gain in weekly net imports, which edged higher by 3% to 658,000 tonnes.

The most net fuel oil import volumes into Singapore came from Malaysia at 236,000 tonnes this week, followed by the United Arab Emirates at 77,000 tonnes and Brazil at 74,000 tonnes.

Top destinations for fuel oil net exports from Singapore were Bangladesh at 17,000 tonnes, the Philippines at 15,000 tonnes and Nepal at 147 tonnes.

Singapore saw an increase in weekly fuel oil net imports for the third straight week amid steady supplies flowing to Asia.

Fuel oil inflows to Asia hit a three-month high of 5.04 million tonnes in December, latest assessments by Refinitiv Oil Research showed this week.

Steady supply arrivals have capped spot market recovery in recent trading sessions.

Agencies

Marex Media