Latest news with #fueloil
Zawya
6 days ago
- Business
- Zawya
Singapore fuel oil stockpiles climb on strong Mideast imports
Singapore - Onshore fuel oil stockpiles rose in Singapore amid an uptick in imports while exports dipped, official data showed on Thursday. Residual fuel inventories rose 1.3% to 23.70 million barrels (3.73 million metric tons) in the week to July 23, according to Enterprise Singapore. The inventories held above weekly average levels for a tenth consecutive week, calculations showed. Imports exceeded 1.09 million tons in the week, up 32% from the previous week, led by strong inflows from Middle Eastern countries including Iraq and the United Arab Emirates. Meanwhile, exports from Singapore onshore tanks dipped 15% week-on-week to about 386,000 tons, with most volumes headed for Bangladesh and China. Amid persistently high inventories, spot market benchmarks remained under pressure. High-sulphur price differentials held in discounts this week, while low-sulphur price differentials logged narrower premiums. Week to Jul. 23, Fuel oil (in metric tons) Total Imports Total Exports Net Imports AUSTRALIA 0 16,827 -16,827 BAHAMAS 30,000 0 30,000 BANGLADESH 0 25,466 -25,466 BRAZIL 84,812 0 84,812 CHINA 15,692 38,010 -22,319 CONGO 28,302 0 28,302 GERMANY 0 0 0 INDIA 31,655 268 31,387 IRAQ 322,058 0 322,058 KOREA 27,824 0 27,824 MALAYSIA 78,238 190,573 -112,335 MAURITIUS 0 12,281 -12,281 NETHERLANDS 5,304 0 5,304 NEW CALEDONIA 0 7,200 -7,200 NEW ZEALAND 0 21,894 -21,894 NIGERIA 44,543 0 44,543 RUSSIA 99,831 0 99,831 SRI LANKA 33,440 0 33,440 SUDAN 23,250 0 23,250 THAILAND 38,121 0 38,121 UNITED ARAB EMIRATES 106,303 0 106,303 UNITED STATES 118,520 73,471 45,048 VIETNAM 5,499 202 5,297 TOTAL 1,093,392 386,193 707,200 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Zawya
7 days ago
- Business
- Zawya
Saudi Arabia was top buyer of Russian fuel oil in June, data shows
MOSCOW - Saudi Arabia was the top destination for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in June as the hot summer season required more energy consumption, according to traders and LSEG data. Since the European Union's full embargo on Russian oil products went into effect in February 2023, Middle Eastern and Asian countries became the main destination for Russia's fuel oil and VGO supplies. Direct fuel oil and VGO shipments from Russian ports to Saudi Arabia increased in June by 9% month-on-month to 0.8 million metric tons. Russian dark oil products loadings to India and Turkey declined last month after previous ample supplies by 49% to around 0.34 million tons and by 33% to 0.28 million tons, respectively, shipping data showed. Nearly 400,000 tons of fuel oil and VGO were supplied in June from the Russian ports to the Ain Sukhna terminal in Egypt - the big fuel hub, which often allocates oil products for storage and further exports. Singapore, Senegal and China were also among the other top destinations for Russian fuel oil and VGO export supplies last month, according to LSEG data. Only two vessels carrying 180,000 tons of fuel oil from the Russian ports are heading to Asia via the African Cape of Good Hope. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. All the shipping data above are based on the date of cargo departure. (Reporting by Reuters; Editing by Louise Heavens)
Reuters
7 days ago
- Business
- Reuters
Saudi Arabia was top buyer of Russian fuel oil in June, data shows
MOSCOW, July 23 (Reuters) - Saudi Arabia was the top destination for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in June as the hot summer season required more energy consumption, according to traders and LSEG data. Since the European Union's full embargo on Russian oil products went into effect in February 2023, Middle Eastern and Asian countries became the main destination for Russia's fuel oil and VGO supplies. Direct fuel oil and VGO shipments from Russian ports to Saudi Arabia increased in June by 9% month-on-month to 0.8 million metric tons. Russian dark oil products loadings to India and Turkey declined last month after previous ample supplies by 49% to around 0.34 million tons and by 33% to 0.28 million tons, respectively, shipping data showed. Nearly 400,000 tons of fuel oil and VGO were supplied in June from the Russian ports to the Ain Sukhna terminal in Egypt - the big fuel hub, which often allocates oil products for storage and further exports. Singapore, Senegal and China were also among the other top destinations for Russian fuel oil and VGO export supplies last month, according to LSEG data. Only two vessels carrying 180,000 tons of fuel oil from the Russian ports are heading to Asia via the African Cape of Good Hope. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. All the shipping data above are based on the date of cargo departure.
Zawya
03-07-2025
- Business
- Zawya
Singapore fuel oil stockpiles extend climb while Nigeria inflows jump
SINGAPORE - Onshore fuel oil stockpiles at Singapore rose for a second week as imports remained strong, led by a jump in Nigeria cargo inflows this week, data showed on Thursday. Residual fuel inventories stood at 23.38 million barrels (about 3.68 million metric tons) in the week to July 2, up 3.9% from the previous week, based on Enterprise Singapore. Imports climbed above 850,000 tons, with the increase led by a surge in Nigerian fuel oil inflows, while Brazilian inflows also remained high. Nigeria's Dangote refinery had been issuing some fuel oil tenders on a sporadic basis in the past months. Meanwhile, exports out of onshore tanks were mostly headed for China, with volumes surging week-on-week to more than 194,000 tons. China's Shandong government has raised fuel oil import tax rebates for selected independent refineries, a move likely to spur some recovery in demand. Despite this, benchmarks for high-sulphur fuel oil have trended softer in recent trading sessions due to the high inventories in Singapore. The spot market differential has fallen from a premium into a discount this week, pricing data showed. Week to Jun. 25, Fuel oil Total Total Net (in metric tons) Imports Exports Imports BRAZIL 129,763 0 129,763 CHINA 0 31,459 -31,459 INDIA 0 92 -92 INDONESIA 42,127 0 42,127 IRAQ 30,488 0 30,488 KOREA 4,417 0 4,417 KUWAIT 22,106 0 22,106 MALAYSIA 193,957 54,026 139,931 MEXICO 75,961 0 75,961 NETHERLANDS 3,614 0 3,614 NEW ZEALAND 0 8,649 -8,649 PHILIPPINES 0 17,750 -17,750 SOUTH SUDAN 45,883 0 45,883 SRI LANKA 0 9,996 -9,996 VIETNAM 9,625 17,763 -8,139 TOTAL 557,941 139,736 418,204
Reuters
03-07-2025
- Business
- Reuters
China's Shandong raises fuel oil import tax rebates for some refineries, sources say
SINGAPORE, July 3 (Reuters) - The provincial government of Shandong, China's refining hub, has increased fuel oil import tax rebates for six independent refineries to improve their profitability as they struggle with low margins and fuel demand, industry sources said this week. The Shandong provincial tax bureau increased the consumption tax rebates that the independent refiners, also known as teapots, will receive for the sale of gasoline and diesel refined from imported fuel oil by 25 percentage points to between 75% and 95%, three sources with direct knowledge of the matter said this week. The change applies to Chambroad Petrochemicals, Hongrun Petrochemical, Lihuayi Group, Xinyue Group, Shandong Jincheng Petrochemical Group and Xintai Petrochemical, the sources said. The refiners were notified about two weeks ago, said one of the sources. The Shandong Provincial Tax Service, the national State Taxation Administration and the companies did not respond to Reuters' requests for comment. The teapots often choose to process straight-run fuel oil or tar-like heavy residue called bitumen blend into transportation fuels when crude prices become too expensive and they are under crude oil import quotas that can limit their purchases. China enacted higher import tariffs on fuel oil at the start of 2025 and at the end of last year reduced the tax rebates on fuel oil shipments. That led to fuel oil imports declining to their lowest ever for the January-May period, according to customs data. FGE's Associate Director of the East of Suez Oil Service Mia Geng said in a June 27 note the independent refiners had been suffering from low margins and shutdowns as a result of the rules and the provincial government likely also wanted the refineries to run more to boost industrial output and economic activity. Geng expects the tax changes should increase high-sulphur fuel oil demand and raise the refineries' run rates. However, the changes are unlikely to spur fuel oil demand in the short-term since crude oil is currently cheaper, a trading source and one of the sources with direct knowledge of the change said. The refiners in Shandong are China's main buyers of cheap sanctioned oil from Russia and Iran.
