SINGAPORE DATA: Fuel oil inventories drop to more than 7-year low as imports plunge

Singapore's commercial stockpiles of heavy distillates slumped 23.3% week over week to a more than seven-year low of 14.8 million barrels in the week ended June 10, Enterprise Singapore data released late June 11 showed, amid no imports from the Middle East, Europe, or Russia in the latest week.

Fuel oil inventories, which have drawn down for a third straight week, were at their lowest since Aug. 22, 2018, when they were last seen at 14.2 million barrels, Enterprise Singapore data compiled by Platts, part of S&P Global Energy, showed. This week's stocks were 37.4% lower compared with the corresponding week in 2025, according to the data.

Weekly residual fuel stocks in Singapore have averaged 22.15 million barrels so far in 2026, compared with a weekly average of 22.8 million barrels in 2025 and an average of 19.7 million barrels in 2024, according to Enterprise Singapore data.

Singapore's overall fuel oil imports decreased 23% week over week to 523,279 metric tons in the week to June 10, the smallest volume of weekly imports in five weeks, the data showed.

Fuel oil inflows from Asian suppliers made up 81.5% of the total volume at 426,319 mt, down about 23% compared with the volume imported from within the region in the preceding week, the data showed.

The city-state imported 133,283 mt fuel oil from neighboring Malaysia in the week to June 10, down about 54% from the preceding week, while Singapore's imports from Indonesia dropped 81.6% week over week to 26,653 mt, the data showed.

Singapore imported 67,779 mt fuel oil from Japan, and about 66,466 mt from South Korea in the week to June 10, compared with none from these countries in the previous week, the data showed.

There were no fuel oil imports from the Middle East for a fourth consecutive week, and no imports from Europe or Russia for a second straight week, according to Enterprise Singapore data.

Singapore's fuel oil imports from Brazil plunged 62% week over week to 49,141 mt in the week ended June 10, the data showed.

Meanwhile, Singapore's fuel oil exports slipped 1% from the preceding week to 251,677 mt in the week ended June 10, amid no shipments to China in the latest week, the data showed.

Singapore exported about 36,765 mt fuel oil to Australia in the week ended June 10, against none the week before, but there were no outflows to the South Asian countries of Bangladesh or Sri Lanka in the latest week, the data showed.

Singapore's inventory data counts only stocks at onshore terminals. Enterprise Singapore describes heavy distillates as "residues," which include cracked and straight run fuel oil and low sulfur waxy residue.

Tightness shown downstream

The latest fuel oil stock draws were reflected in downstream valuations, as premiums increased steadily over the week, according to traders.

Increasingly tight near-term availabilities in the retail market for marine fuel 0.5%S grade have resulted in some sellers only able to offer products deliverable much further out, from July onward, according to traders.

"[Sellers] are not confident of constant availabilities," a Singapore-based trader said.

Platts assessed the Singapore-delivered 0.5%S marine fuel bunker premium over the FOB Singapore Marine Fuel 0.5%S cargo values at an average $29.89/mt over June 8-11, up from the weekly average of $24.62/mt in the preceding week June 2-5.

Meanwhile, downstream HSFO premiums have remained pressured, amid sluggish demand for the bunker grade. Singapore-delivered HSFO differentials have hovered in the negative to low-single-digit range since last month.

Platts assessed the Singapore-delivered 380 CST HSFO bunker premium over FOB Singapore 380 CST HSFO cargo values at an average of $1.62/mt over June 8-11, down 5 cents/mt from the weekly average in the preceding week June 2-5.