Latest news with #fueloil
Zawya
29-05-2025
- Business
- Zawya
Singapore fuel oil stockpiles at four-week highs
SINGAPORE - Onshore fuel oil stockpiles at key trading hub Singapore recovered to their highest in four weeks despite lower imports being recorded, data showed on Thursday. Residual fuel inventories were at 22.34 million barrels (about 3.52 million metric tons) in the week to May 28, up 3.9% week-on-week, Enterprise Singapore data showed. Bunker demand has been largely tepid, according to several trade sources, which limited inventory drawdowns. Fuel oil imports into onshore tanks fell 18% from the previous week to 686,000 tons, with most imports hailing from Russia. Meanwhile, total fuel oil exports rose 7% to more than 331,000 tons. Most volumes were headed for China, excluding regional storage hub Malaysia. Asia remains amply supplied this month, with arrivals in May totalling about 5.5 million tons and climbing from April, according to LSEG Oil Research. Singapore spot differentials for low-sulphur fuel oil have softened this week, while high-sulphur fuel oil differentials recovered slightly. Week to May. 28, Fuel oil (in Total Total Net metric tons) Imports Exports Imports AUSTRALIA 82,716 0 82,716 BANGLADESH 0 20,053 -20,053 CHINA 0 69,048 -69,048 CONGO 73,832 0 73,832 INDIA 0 180 -180 INDONESIA 30,417 0 30,417 KOREA 55 0 55 KUWAIT 55,411 0 55,411 MALAYSIA 109,379 242,101 -132,721 NEPAL 0 19 -19 NETHERLANDS 2,088 0 2,088 NIGERIA 78,921 0 78,921 RUSSIA 238,714 0 238,714 VIETNAM 14,911 0 14,911 TOTAL 686,443 331,402 355,042
Zawya
20-05-2025
- Business
- Zawya
Russia's seaborne fuel oil exports rise in April, data shows
MOSCOW - Russia's seaborne fuel oil and vacuum gasoil exports rose 8.5% in April from the previous month to around 4.0 million metric tons on rising production, trade and shipping data showed. Russia's offline primary oil refining capacity totalled 2.91 million tons last month, down 21% from March, leading to increasing fuel supplies. Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries became the main destination for Russia's fuel oil and VGO supplies. Saudi Arabia more than doubled Russian fuel oil imports in April to 0.7 million tons ahead of summer demand on power generation, shipping data showed. The country has turned to importing more discounted Russian fuel oil for summer burn since 2023 as prices for Russian barrels declined following the conflict in Ukraine. China, India, Singapore and Malaysia were among the other top destinations for Russian fuel oil and VGO export supplies in April, according to LSEG data. China and India import straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in their refinery feedstock pool, while Malaysia and Singapore mostly place the cargoes on floating and ports storages for blending and further exports, according to market sources. Recently, Indonesia became another transshipment hub in Asia for Russian oil products, market sources said and LSEG data showed. More than 500,000 metric tons (3.2 million barrels) of fuel oil loaded from Russia's Ust Luga oil terminal have arrived at Karimun so far this year, nearly five times the volume in the corresponding 2024 period, according to Kpler data. Tankers carrying on board around 200,000 tons of fuel oil and VGO loaded in April in the Russian ports are on their way on Suez Canal Waiting Zone not showing final destination yet and also could end up in one of the Asian countries, shipping data showed.
Bloomberg
16-05-2025
- Business
- Bloomberg
Egypt Pivots to Cheap Oil as Gas Proves Too Pricey for Power
Egypt is buying large amounts of oil to run its power plants as the high cost of natural gas redraws the Middle East country's purchases of energy feedstocks. State-owned Egyptian General Petroleum Corp. recently issued a tender for just under 2 million tons of fuel oil for delivery this month and next. The country prefers the product as a feedstock for power generation over comparatively expensive piped gas and liquefied natural gas, a person with direct knowledge of the matter said.
