According to data from Enterprise Singapore, residual fuel oil inventories in Singapore rose to nearly nine-month highs, reaching 23.02 million barrels in the week ending January 10, marking a 3.1% increase week-on-week. The inventory build was driven by a surge in total imports, surpassing 1 million tons, primarily sourced from Russia and Indonesia. The ready availability of Russian fuel oil in the region has constrained the recovery of the high sulfur fuel oil market. Additionally, Indonesia's Pertamina has been consistently offering blend components for sale. The inventory buildup was influenced by a weaker market backwardation, and while exports increased, they did so at a slower pace compared to imports, with China remaining the top export destination.

SOURCE:HELLENIC SHIPPING NEWS