Singapore fuel oil stockpiles climb on strong Mideast inflows
SINGAPORE - Onshore fuel oil stockpiles at key trading hub Singapore rose for a second straight week, supported by strong inflows of Middle Eastern supply, data showed on Thursday.
Residual fuel inventories were at 22.9 million barrels (about 3.6 million metric tons) in the week to April 16, based on Enterprise Singapore data. [O/SING1]
The inventories were up 3.9% week-on-week, holding above typical weekly averages and reaching their highest in 17 weeks.
The top three supply origins recorded for the week were Iraq, the United Arab Emirates, and Kuwait.
Middle Eastern supply arriving in the broader Asia region had surged last month, while western supply and regional supply also firmed, ship-tracking data showed.
Attractive high-sulphur fuel prices had attracted more incoming barrels during then, even though volumes for April have tapered off slightly compared to March, trade sources said.
Meanwhile, outflows of fuel oil from Singapore onshore tanks were mostly headed to the Philippines and China, excluding movements to storage facilities in Malaysia.
The high-sulphur fuel oil spot market remained under pressure in recent days, while the low-sulphur fuel oil market was rangebound. [FUEL/A]
"Singapore's onshore residual stocks have been above 3 million tons since mid-March, buoyed by strong arrivals in March and softer maritime fuel demand," said Emril Jamil, a senior analyst at LSEG Oil Research.
"The build-up in onshore stocks and weaker demand has dampened ex-wharf high-sulphur bunker premiums," he added.
Week to Apr. 16, Fuel oil (in metric tons)
Total Imports
Total Exports
Net Imports
BAHRAIN
57,917
0
57,917
BRAZIL
8,698
0
8,698
CHINA
0
19,998
-19,998
ESTONIA
51,248
0
51,248
INDIA
33,280
319
32,961
INDONESIA
45,586
0
45,586
IRAQ
237,435
0
237,435
JAPAN
48,147
0
48,147
KUWAIT
82,602
0
82,602
MALAYSIA
69,493
93,394
-23,901
NETHERLANDS
1,616
0
1,616
PHILIPPINES
0
73,719
-73,719
THAILAND
67,074
0
67,074
UNITED ARAB EMIRATES
102,050
0
102,050
UNITED STATES
0
13,858
-13,858
VIETNAM
15,400
10,974
4,427
TOTAL
820,546
212,262
608,284
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Broadcast Pro
5 days ago
- Broadcast Pro
NMK Electronics and SRS Group to expand power and lighting solutions across GCC
Initial conversations began at the SLS Show in the Kingdom of Saudi Arabia in 2024, followed by detailed evaluations of potential distributors. NMK Electronics has announced a strategic partnership with global manufacturer SRS Group to distribute advanced power distribution, rigging and lighting technologies across the Gulf Cooperation Council (GCC) countries, including the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. SRS Group, known for its innovative technology in the live events and installation sectors, selected NMK Electronics after an extensive search for a regional partner. The decision was influenced by NMK's industry reputation, technical expertise, and strong regional presence. Initial discussions between the companies began during the SLS Show in Saudi Arabia in 2024 and were solidified at ISE 2025, where both sides aligned on a mutual vision for growth. Samuel Sloboda, CEO of SRS Group, said: 'We're excited to partner with NMK for the Middle Eastern market. Their dynamic team, expertise, and shared values make them an ideal fit for our brand. We look forward to a successful collaboration and to building strong connections across the region. This strategic partnership strengthens NMK's power, rigging, and lighting portfolio while expanding its reach across live events, rental, venue installations, and fixed applications positioning both companies for long-term regional success. Curtis Seed, Brand Manager at NMK Electronics, added: 'This announcement marks a commitment from NMK to deliver class leading Power, Lighting and Rigging solutions to the Middle Eastern market. We are proud to represent SRS Group in this region and look forward to our future growth together.' The collaboration reflects a joint commitment to quality, innovation, and sustainable growth across the regional AV industry.
Tourism Breaking News
5 days ago
- Tourism Breaking News
Middle East passenger numbers set to reach 530 million by 2043: IATA
Post Views: 53 Passenger traffic across the Middle East is expected to soar to 530 million by 2043, effectively doubling from current figures, according to the International Air Transport Association (IATA). The 20-year forecast anticipates an average annual growth rate of 3.9% in passenger numbers from 2023 to 2043, slightly surpassing the global average of 3.8%. Also, the region is set to achieve the highest net profit per passenger globally, expected to post a net profit of $6.2 billion, representing an 8.7% profit margin, well above the global average, driven by strong economic performance and demand for both business and leisure travel. As per the IATA Passenger reports, 'Middle Eastern airlines saw a 14.2 per cent year-on-year increase in demand. Capacity increased 9.9 per cent year-on-year, and the load factor increased by +3.0 percentage points to 79.3 per cent compared to April 2023.' With hubs like Dubai, Doha, and Riyadh leading the charge, the focus must now shift to ensuring all parts of the region are equipped to benefit from the coming wave of air traffic and infrastructure development.
Campaign ME
6 days ago
- Campaign ME
The shifting sands of luxury: redefining luxury through culture-drive experiences
The concept of 'luxury' is evolving in the MENA context. Redefining luxury means it's no longer just about flaunting a lavish lifestyle or possessing shiny goods – it's now a complex weave of real experiences, culture immersion, and intimate significance. It's the seconds that stay with you – moments we'll help last by connecting with people and places and encouraging a connection and understanding. Today's luxury customers throughout the region have a complex form of cultural identity, social aspiration, and personal satisfaction. The quest for exclusivity, custom experiences and real stories isn't simply about status; it's about creating and expressing identity, standing out with intention and building genuine emotional connections. For brands to genuinely connect with this audience, they must be aware of these multi-strand aspirations and design brands that, together with experiences resonate personally and culturally. From old world opulence to cultural re-invention The industry in the region is at a major turning point – moving away from the traditional 'black box' aesthetic and one-size-fits-all luxury ideal towards an era of collaboration, local flavour and storytelling. Globalisation and technological revolution have brought luxury into a sphere where creative excellence and cultural legacy merge, through which the extraordinary is constantly being sought. It's about tying art and authenticity together, borrowing from tradition, art, music, and craft to create full-bodied experiences that are not only beautiful but meaningful. Brands are now threading these cultural aspects into their designs to form increased emotional connections. They are raising luxury from mere things to stories with soul – experiences that respect history while embracing the new. Honouring the past through contemporary artistry Consider Louis Vuitton's 'Savoir Rever' exhibition as an example of celebrating regional culture inspired by Middle Eastern motifs, Islamic art and traditional crafts like detailed embroidery and calligraphy. Laced with these cultural notes, placed within the context of an established house with tradition and heritage, with one foot firmly planted in today and the other striding confidently into the future. During the exhibition, guests stepped into immersive worlds such as traditional souks and historical architecture — transformed through modern materials and digital technology. It was a sensory trip where history married contemporary art. This show wasn't only an homage to local know-how; it was about Louis Vuitton as a visionary bridge, forging a bridge between the past and the future, providing culturally resonant, meaningful luxury experiences which speak deeply to those interests through depth, authenticity, and storytelling. Culture in motion: A lens for redefining luxury Cartier's 'A Journey of Wonders' at the Al Shindagha Museum exemplified this new era. More than a showcase of exquisite craftsmanship, it was a tribute to the UAE's rich cultural legacy. Cartier wove local traditions into every piece, creating a deeply emotional bond rooted in history while demonstrating limitless innovation. It was more than jewellery; it was an immersive, sensory experience – an artistic celebration of culture that elevates luxury into memorable, heartfelt encounters. From ownership to experience: redefining luxury The rules of luxury are changing today. It is no longer only about owning beautiful things; it is about experiencing a story, an emotion, a genuine connection born of culture and creativity. The new luxury is about a journey of discovery and personal meaning – matters that linger long after the experience is over. In this bright, moving landscape, brands that engage in local heritage, innovate through collaboration and tell stories will win. They will redefine the very meaning of luxury – an adventure into the extraordinary, where people do not just possess things but understand and feel the cultural pattern that makes them unique. By Pauline Rady, Regional Managing Director – Client Lead at WPP Media MENA
