By Jeslyn Lerh
SINGAPORE, June 27 (Reuters) - Onshore fuel oil
stockpiles at key trading and storage hub Singapore fell in the
week ended June 26 after climbing for four straight weeks, the
latest data showed Thursday.
Inventories fell 15.4% to 19.29 million barrels
(3.04 million metric tons) in the week ended June 26, hitting a
two-week low, Enterprise Singapore data showed.
Despite the weekly drop, the inventories remained ample,
averaging 20.03 million barrels a week in June and higher than
May's average of 18.09 million barrels a week.
On the exports front, the top destinations for fuel oil
outflows from Singapore's onshore tanks were Hong Kong,
Bangladesh and Vietnam in the week ended June 26.
Meanwhile, fuel oil imports mostly hailed from Brazil and
the United States, as arbitrage flows from the West to Asia
remained robust this month.
More imports also arrived from Indonesia, with state-owned
Pertamina offering consistent supplies via monthly tenders,
recent records showed.
Spot premiums for the low-sulphur market
have remained rangebound for most of June before rebounding this
week, while high-sulphur fuel premiums have come
under pressure following a rally.
Total incoming fuel oil supplies to Asia in June neared 6
million tons, higher compared to May volumes, data from LSEG Oil
Research showed.
Week to Jun 26, Fuel oil (in Total Imports Total Exports Net Imports
metric tons)
AUSTRALIA 53,257 0 53,257
BANGLADESH 0 21,306 -21,306
BRAZIL 139,849 0 139,849
CHINA 0 20,886 -20,886
CONGO 49,413 0 49,413
FIJI 0 0 0
GREECE 39,902 0 39,902
HONG KONG 0 43,474 -43,474
INDIA 0 96 -96
INDONESIA 113,598 6,565 107,033
JAPAN 34,311 0 34,311
KOREA 0 15,000 -15,000
KUWAIT 65,812 0 65,812
MALAYSIA 96,166 95,442 723
MEXICO 42,170 0 42,170
RUSSIA 100,587 0 100,587
THAILAND 51,777 0 51,777
UNITED STATES 127,307 0 127,307
VIETNAM 0 21,698 -21,698
TOTAL FOR 914,148 224,468 689,680
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Eileen Soreng)