2023-07-20 10:43:43
oil
Sky News Arabia – Abu Dhabi
10:43 – July 20, 2023Singapore
Fuel oil inventories in Singapore, the major trading hub, fell for the second week in a row, while net imports almost halved.
On Thursday, official data from Enterprise Singapore revealed that onshore fuel oil inventories fell by 3 percent to 17.81 million barrels in the week ending July 19.
Weekly net imports, which is calculated by subtracting total exports from total imports, almost halved on a weekly basis to 563,000 metric tons.
Kuwait was the most important source of fuel oil imports to Singapore that week, with net imports of 144,000 metric tons.
And the market took into account expectations of increased supplies from Kuwait to the east as the country raises production at Al-Zour refinery, as well as exports.
Meanwhile, South Korea became the most important destination for fuel oil exports from Singapore this week with volumes of 139,000 metric tons.
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