Singapore fuel oil stocks rise as exports crash, imports from Malaysia and Bahamas hit record highs

24Views

August 6, 2020

SINGAPORE Singapore’s residual fuel oil inventories climbed 3% in the week to Aug. 5 as export volumes plummeted to a near four-month low, official data showed on Thursday.

Onshore fuel oil stocks rose 642,000 barrels, or about 101,000 tonnes, to a three-week high of 24.234 million barrels, or 3.816 million tonnes, according to Enterprise Singapore data.

Residual fuel stocks were up 11% from a year earlier.

Net import volumes were up 96% from the previous week to a five-month high of 1.412 million tonnes, well above the 2020 weekly average of 694,000 tonnes. Weekly figures, however, are volatile.

The net import volumes were boosted by falling exports which declined to 97,000 tonnes during the week. This compared to the 2020 weekly average of 272,000 tonnes in exports.

Singapore’s exports to China, a typical importer of fuel oil, have fallen this year as China increased its output of residual fuels following new government tax and export rules.

Singapore’s only fuel oil net exports in the week to Aug. 5 went to Hong Kong at 38,000 tonnes and 34,000 tonnes to Bangladesh.

The largest net imports into Singapore were from Malaysia at 699,000 tonnes, followed by Bahamas with 164,000 tonnes, Brazil with 158,000 tonnes and the United Arab Emirates with 153,000 tonnes.

Net imports from Malaysia and Bahamas for the week were at their highest since at least end-2015, or as far as available data shows.

Also Watch

YouTube’s Surgical Strike On China’s Misinformation Campaign

Imports from Malaysia were boosted by suppliers moving fuel oil cargoes from floating storage in Malaysian waters into Singapore onshore tanks, trade sources said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f2c16f8fbcc0112a8a3ab13
[youtube_id] => j3U-Eo4XEpI
Singapore fuel oil stocks rise as exports crash, imports from Malaysia and Bahamas hit record highs => YouTube’s Surgical Strike On China’s Misinformation Campaign
)

[1] => Array
(
[id] => 5f2c1155cc17de12942f45b8
[youtube_id] => 1epd_l8JoyA
Singapore fuel oil stocks rise as exports crash, imports from Malaysia and Bahamas hit record highs => More Questions Over The Role Of Rhea Chakraborty In Sushant’s Death Probe | News Epicentre
)

)

[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-03T14:44:02.000Z&publish_max=2020-08-06T14:44:02.000Z&sort_by=date-relevance&order_by=0&limit=2
)

Singapore fuel oil stocks rise as exports crash, imports from Malaysia and Bahamas hit record highs

Also Watch

Speak Your Mind

LEAVE A REPLY Cancel reply

Get in Touch

Recommend for You

Oh hi there It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

You might also like

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

About Us

Follow Us

Support Us & Be a Patreon

Add QNewsHub to your Homescreen!

Oh hi there
It’s nice to meet you.