Singapore fuel oil stockpiles fall to 20.96 million barrels but remain above 2024 average

Singapore's fuel oil stockpiles decreased by 4% to 20.96 million barrels as of January 1, 2025. Despite this drop, levels remain above the 2024 average of 19.7 million barrels, supported by strong imports from Russia and the UAE. The decline follows a multi-year high reached two weeks ago. High inventory levels have limited price recovery in Asia's fuel oil market, with very low sulphur fuel oil premiums staying below $2 per metric ton by the end of 2024. Fuel oil exports from Singapore primarily went to China, consistent with the previous week. Total imports for the week were approximately 1.38 million metric tons, with significant contributions from Russia and the UAE.