By Jeslyn Lerh
SINGAPORE, July 18 (Reuters) - Onshore fuel oil stockpiles at key trading and storage
hub Singapore rebounded to a four-week high as net imports recovered, data showed on Thursday.
Inventories rose 13.1% to 20.13 million barrels (3.17 million metric tons) in
the week ended July 17, after sliding last week, Enterprise Singapore data showed.
The rebound was led by a recovery in net imports, which more than doubled week-on-week to
about 790,000 tons, calculations based on the data showed.
Top cargo origins for the week were the United Arab Emirates and Nigeria, excluding storage
movements from Malaysia.
Asia received a low-sulfur straight-run fuel oil cargo from Nigeria's new Dangote refinery
for the first time in June, according to ship-tracking data and market sources.
Meanwhile, export volumes out of Singapore were mostly headed for Bangladesh and the
Philippines.
Overall onshore inventories for fuel oil averaged lower per week in July so far, compared
with June.
Spot premiums for fuel oil have rebounded in recent sessions, with both high-sulfur and
low-sulfur premiums climbing nearer to $6 per ton this week.
Week to July 17, Fuel oil (in Total Total Net Imports
metric tons) Imports Exports
AUSTRALIA 30,586 25,656 4,931
BANGLADESH 0 19,067 -19,067
CHINA 0 27 -27
INDIA 33,246 0 33,246
INDONESIA 33,618 4 33,613
IRAQ 40,784 0 40,784
MALAYSIA 345,087 62,963 282,124
NETHERLANDS 29,066 0 29,066
NIGERIA 68,950 0 68,950
PHILIPPINES 0 9,992 -9,992
THAILAND 9,559 0 9,559
UNITED ARAB EMIRATES 309,618 0 309,618
VIETNAM 6,988 399 6,589
TOTAL 907,502 118,109 789,393
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)