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Singapore fuel oil inventories steady, exports to Saudi hit fresh record

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SINGAPORE (Reuters) - Singapore's residual fuel oil inventories were steady in the week to July 29 despite a jump in net import volumes, official data showed on Thursday.

Onshore fuel oil stocks rose 87,000 barrels, or about 14,000 tonnes, to a two-week high of 23.592 million barrels, or 3.715 million tonnes, in the week ended Wednesday, according to the Enterprise Singapore data.

Residual fuel stocks were up 24% from a year earlier.

Net import volumes were up 43% from the previous week to a seven-week high of 721,000 tonnes in the week to July 29 and were above the 2020 weekly average of 670,000 tonnes. Weekly figures, however, were volatile.

The largest imports into Singapore were from Malaysia at 361,000 tonnes, followed by Iraq with 204,000 tonnes, Denmark with 100,000 tonnes and the United States with 98,000 tonnes.

Imports from Denmark were at a six-month high.

Most of Singapore's fuel oil exports went to Saudi Arabia at 97,000 tonnes, followed by 57,000 tonnes to Bangladesh and 39,000 tonnes to New Caledonia.

Underscoring a new and unusual arbitrage flow in recent weeks, Singapore net exports to Saudi hit a fresh record high in the week to Wednesday.

The Kingdom typically exports residual fuel outside of the summer months to countries including Singapore and imports fuel oil for power generation, primarily from regional suppliers, during the hot summer months.

Fuel oil inventories in the neighbouring Fujairah storage and bunkering hub were at a two-week high of 14.552 million barrels, or 2.293 million tonnes, latest data showed.

(Reporting by Roslan Khasawneh; Editing by Rashmi Aich)