Singapore's fuel oil reserves increased by an average of 3% in November compared to October, reaching 19.14 million barrels. According to recent data, this increase in reserves was due to a 14% rise in net fuel oil imports during the same month.
Increase in Fuel Oil Imports and Exports
In the current month, Singapore's fuel oil imports rose by 578,000 barrels to 6.46 million barrels. Additionally, fuel oil exports also increased by 31,000 barrels to 2.12 million barrels. As a result, net fuel oil imports rose by 547,000 barrels, reaching 4.34 million barrels.
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Sources of Imports and Destinations of Exports
In this month, Venezuela was the largest source of fuel oil imports to Singapore with a 20% share. Following that, Russia with 15% and Kuwait with 14% ranked next. In terms of exports, Malaysia is the largest destination for Singapore's fuel oil at 59%, while Australia and Bangladesh follow with 17% and 10%, respectively.
Decrease in Middle Distillate Reserves
At the same time, middle distillate reserves in Singapore decreased by 12%, reaching 8.03 million barrels. This decrease clearly reflects changes in demand and supply in the Singapore oil market.
Fuel Oil Delivery Times
Proposed delivery times for very low sulfur fuel oil (VLSFO) in Singapore are around 13 to 15 days, which has decreased from about 13 days to over three weeks last week. Additionally, delivery times for high sulfur fuel oil (HSFO) have remained stable at 13 to 15 days. Meanwhile, delivery times for light sulfur marine gas oil (LSMGO) have slightly decreased to 8 to 10 days from 9 to 11 days last week.
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