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Singapore fuel oil stockpiles climb on strong Mideast inflows

Onshore fuel oil stockpiles in Singapore have increased for a second consecutive week due to strong inflows of Middle Eastern supply, reaching their highest level in 17 weeks. The top three supply origins recorded were Iraq, the United Arab Emirates, and Kuwait. Attractive high-sulphur fuel prices have attracted more incoming barrels, although volumes for April have slightly decreased compared to March. Meanwhile, fuel oil outflows from Singapore were mainly headed to the Philippines and China. The high-sulphur fuel oil spot market has been under pressure, while the low-sulphur fuel oil market has remained rangebound.

Original article source: https://www.dailymail.co.uk/wires/reuters/article-14621249/Singapore-fuel-oil-stockpiles-climb-strong-Mideast-inflows.html
Source Id: 8639067401

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