By Jeslyn Lerh
SINGAPORE, July 4 (Reuters) - Onshore fuel oil
stockpiles at key trading and storage hub Singapore edged up to
a two-week high, with net imports recovering for a second
straight week.
Inventories inched 1.6% higher to 19.60 million
barrels (3.09 million metric tons) in the week ended July 3,
Enterprise Singapore data showed.
Net imports of fuel oil, calculated by subtracting total
exports from total imports, climbed 34.5% week-on-week to about
927,000 tons.
Top cargo origins were Kuwait and the United Arab Emirates,
excluding storage movements from Malaysia.
Meanwhile, top destinations for fuel oil outflows from
Singapore's onshore tanks were China, Hong Kong and Australia.
Current inventory levels remained ample to meet market
demand, said industry sources, with price benchmarks remaining
capped in recent trading sessions.
Spot premiums for the high-sulphur market
eased below $4 a ton this week, while low-sulphur premiums
held rangebound below $5 a ton.
Cargo inflows from the West to East Asia, including Russian
volumes, are expected to reach about 3 million tons for July,
slightly higher than June, calculations based on LSEG
ship-tracking data showed this week.
Week to July 4, Fuel oil (in Total Total Net Imports
metric tons) Imports Exports
AUSTRALIA 0 45,998 -45,998
BANGLADESH 0 15,105 -15,105
BRAZIL 54,894 0 54,894
CHINA 0 65,292 -65,292
HONG KONG 0 46,850 -46,850
INDIA 0 187 -187
INDONESIA 17,027 0 17,027
IRAQ 79,210 0 79,210
KOREA 0 0 0
KUWAIT 132,228 0 132,228
MALAYSIA 428,589 124,792 303,797
MARSHALL ISLANDS 0 6,950 -6,950
MEXICO 55,862 0 55,862
NEPAL 0 41 -41
NETHERLANDS 92,937 0 92,937
OMAN 59,931 0 59,931
PERU 0 0 0
RUSSIA 104,577 0 104,577
THAILAND 14,626 0 14,626
TURKMENISTAN 27,536 0 27,536
UNITED ARAB EMIRATES 116,592 0 116,592
UNITED STATES 48,786 0 48,786
VIETNAM 0 159 -159
TOTAL 1,232,797 305,374 927,423
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sohini Goswami)