The heavy fuel oil inventory in Singapore increased by 6% in September compared to August, reaching an average of 20.09 million barrels. According to recent data provided, this inventory has increased by 1.11 million barrels compared to the previous month.
Increase in Imports and Decrease in Exports
In September, heavy fuel oil imports increased by 145,000 barrels, reaching 4.72 million barrels. In contrast, exports of this product decreased by 189,000 barrels to 1.67 million barrels. These changes resulted in a net import increase to 3.04 million barrels.
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Main Sources and Destinations of Fuel Oil
Syria, with a 13% share, was the largest source of heavy fuel oil imports for Singapore this month. The United Arab Emirates and Brazil follow with 10% and 8%, respectively. On the other hand, China holds the largest share in Singapore's fuel oil exports at 27%, followed by Malaysia and South Korea with 22% and 21%, respectively.
Additionally, middle distillate inventories also increased by 2% this month, reaching 8.35 million barrels. This increase occurred while the Singapore bunker market remains under pressure, with proposed lead times for VLSFO (Very Low Sulfur Fuel Oil) rising to 13-17 days, which is nearly unchanged from last week. In contrast, HSFO (Heavy Fuel Oil) inventory has slightly improved, decreasing to 9-12 days.
Overall, the Singapore fuel oil market reflects increasing demand and significant changes in the imports and exports of this product, indicating an improvement in market conditions.
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