By Jeslyn Lerh
SINGAPORE, June 20 (Reuters) - Onshore fuel oil stockpiles at
key trading and storage hub Singapore built for a fourth straight
week, official data showed on Thursday.
Inventories rose 19% to 22.81 million barrels (3.59
million metric tons) in the week ended June 19, reaching a 17-week
high, Enterprise Singapore data showed.
Bunkering demand has been tepid in the week, while at the same,
broader supplies to Asia recovered, market sources said.
On the exports front, top destinations for fuel oil outflows from
Singapore's onshore tanks included China, Philippines and Bangladesh
in the week ended June 19.
Meanwhile, most of the inflows into onshore tanks hailed from
Russia and the United States in the same week, excluding cargo
movements between Singapore and Malaysia.
Amid higher inventories, spot premiums for the low-sulphur market
remained trapped between $1 to $2 a ton over Singapore quotes in
recent weeks. High-sulphur 380-cst premiums were also steady
week-on-week at $11 to $12 a ton.
Bunkering demand slowed in a holiday-thinned week, while some
shipowners also monitored the recent oil spill situation, said market
sources.
Singapore premiums of delivered bunker fuel held at about $10 a
ton for the flagship 0.5% low-sulphur fuel grade, little changed
through the month, based on data from sources.
Meanwhile, incoming fuel oil supplies to Asia in June climbed
closer to May volumes, which were slightly above 5 million tons.
Week to Jun 19, Fuel oil (in Total Total Net Imports
metric tons) Imports Exports
BANGLADESH 0 15,047 -15,047
CANADA 0 0 0
CHINA 0 80,011 -80,011
HONG KONG 0 0 0
INDIA 31,741 96 31,646
INDONESIA 22,175 5,493 16,682
KOREA 17,591 13,149 4,442
MALAYSIA 135,633 19,712 115,920
PHILIPPINES 0 62,461 -62,461
RUSSIA 99,784 0 99,784
TAIWAN 6,826 0 6,826
UNITED STATES 38,509 0 38,509
VIETNAM 0 198 -198
TOTAL 352,259 196,166 156,093
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Rashmi Aich)