By Jeslyn Lerh SINGAPORE, Jan 25 (Reuters) - Singapore onshore inventories of residual fuel oil slipped for a second straight week on lower imports, while more demand for marine bunkers also led to a drawdown, data showed on Thursday. Fuel oil stockpilesfell 6.6% to 21.01 million barrels (3.31 million metric tons) in the week to Jan. 24, hitting five-week lows, Enterprise Singapore data showed. Net imports, which are calculated by subtracting total exports from total imports, were at 215,000 tons, compared with more than 1 million tons in the previous week. The decline in inventories came as refuelling demand at key bunker hub Singapore strengthened after Red Sea ship diversions, with shippers and trading firms facing longer waits and higher prices for low-sulphur fuel deliveries. On the export front, most outflows from Singapore headed for China and Australia, while the bulk of Singapore's fuel oil inflows came from Brazil and Iraq. However, the East of Suez region remains well-supplied amid heavy arbitrage and steady regional arrivals this month. Total January arrivals breached 6 million tons, based on assessments by LSEG Oil Research this week. The weekly Singapore stockpile levels also remained higher versus 2023's average of 20.34 million barrels a week, Reuters calculations based on Enterprise Singapore data showed. Jan 17, Fuel oil (in Total Total Net metric tons) Imports Exports Imports ALGERIA 10,504 0 10,504 AUSTRALIA 58,006 18,840 39,166 BELGIUM 24,934 0 24,934 CAMBODIA 0 1 -1 CANADA 35,232 0 35,232 CHINA 102,170 67,101 35,069 CONGO 24,012 0 24,012 CONGO, DEM REP OF 22,286 0 22,286 GERMANY 21,970 0 21,970 HONG KONG 0 79,391 -79,391 INDIA 41,956 93 41,863 INDONESIA 61,187 6,702 54,485 IRELAND 33,650 0 33,650 JAPAN 87,446 0 87,446 KAZAKHSTAN 48,649 0 48,649 KOREA, REP OF 21,952 0 21,952 MALAYSIA 618,606 57,888 560,718 NETHERLANDS 47,934 0 47,934 PHILIPPINES 0 56,882 -56,882 RUSSIA 181,147 0 181,147 SRI LANKA 0 7,642 -7,642 TAIWAN 46,994 0 46,994 UNITED STATES 55,799 0 55,799 VIETNAM 0 200 -200 TOTAL 1,544,434 294,741 1,249,693 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)
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