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By Gabrielle Ng SINGAPORE, Nov 7 (Reuters) - Onshore storage volumes of fuel oil at the Singapore trading
hub recovered this week as exports fell to their lowest levels
in nearly five months, official data showed on Thursday.
Inventories had plummeted to a 6-year low in the Indonesia was the top origin for imports, followed by Kazakhstan and Algeria. November fundamentals in the residual market will Week to Nov 6, Fuel oil (in Total Total Net metric tons) Imports Exports Imports ALGERIA
Stockpiles
of around 18 million barrels (about 2.84 million metric tons)
in the week to Nov. 6, data from Enterprise Singapore showed.
previous week on firm refuelling demand for bunker fuel.
Total exports slumped more than 80% from the previous week to about 122,400 tons, the lowest since the week to July 17.
Most cargoes were headed to New Caledonia, Bangladesh and Indonesia, excluding cargo movements from storage hub Malaysia.
The fall in exports outpaced that of imports, which
declined 77% week-on-week to around 307,210 tons.
Net imports, which are calculated by subtracting total
exports from total imports, fell 73% to around 184,810 tons.
continue to exhibit the prompt physical tightness seen in September, but with creeping incremental weakness expected on the back
of consecutive stronger arrivals, LSEG Oil Research said in a report on Tuesday.
25,444 0 25,444 BANGLADESH 0 34,057 -34,057 BRUNEI
0 0 0 BULGARIA 9,292 0 9,292 CHINA 0 26 -26 INDONESIA 71,669
6,676 64,993 ITALY 8,991 0 8,991 JAPAN 14,599 0 14,599 KAZAKHSTAN 36,688 0 36,688 KOREA, REP OF 1 0 1 MALAYSIA 100,277 26,532 73,745 MEXICO 20,000 0 20,000 NEPAL 0 41 -41 NEW CALEDONIA 0 55,
065 -55,065 ROMANIA 3,884 0 3,884 TURKMENISTAN 16,363 0 16,363 TOTAL 307,208 122,398 184,810 (Data from Enterprise Singapore) (Reporting by Gabrielle Ng; Editing by
Varun H K)