Generic Hero BannerGeneric Hero Banner
Latest market news

Singapore fuel oil stocks fall on lower imports

  • Market: Oil products
  • 01/04/24

Singapore onshore fuel oil inventories fell to a two-week low, driven by a fall in imports to the city state for the week ending 27 March, according to Enterprise Singapore data.

Fuel oil imports fell to 6.16mn bl for the week ending 27 March, down by 24pc from 8.14mn bl in the previous week. Saudi Arabia, the UAE, Iraq and Russia were the top origins for arrivals into Singapore.

Light distillate stocks rose to a two-week high and remained above 15mn bl as import volumes rose by more than 50pc from a surge in imports from South Korea. The city state imported close to 1mn bl from South Korea, more than three times the amount for the week ending 20 March.

Middle distillate stock levels were largely stable. Gasoil imports into the city-state continued to rise in the latest week, with more cargoes arriving from China, India, South Korea and Taiwan, the usual net-exporting countries in Asia.

Singapore onshore stocks (week to 27 March '24)mn bl
Volume± w-o-w± w-o-w (%)
Light distillatesmn bl
Stock levels15.20.10.9
Naphtha imports1.1-1.7-60.9
Naphtha exports0.60.244.6
Gasoline imports2.60.953.0
Gasoline exports8.57.5787.8
Middle distillatesmn bl
Stock levels10.1-0.2-2.1
Gasoil imports1.30.330.2
Gasoil exports2.4-0.4-14.1
Jet fuel imports0.20.2113,660.6
Jet fuel exports0.80.243.1
Residual fuelsmn bl
Stock levels21.4-0.6-2.8
Fuel oil imports6.2-2.0-24.3
Fuel oil exports0.1-3.2-97.3

Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
19/02/25

France still net gasoline importer despite export rise

France still net gasoline importer despite export rise

Barcelona, 19 February (Argus) — French gasoline exports increased last year, driven by a rise in shipments to other parts of Europe and west Africa. Domestic gasoline output also went up, in line with a lighter crude slate, but the country remained a net importer. According to latest customs data, exports — including unfinished, 95 Ron and 98 Ron grades — rose to just over 1.9mn t last year (45,000 b/d), up by 29pc compared with 2023. Exports of 98 Ron were 160,000t, the highest in the last 13 years, supported by shipments to other EU countries. Unfinished gasoline exports were 1.65mn t, with an increase in volumes headed to west Africa, although this was lower than unfinished exports in 2021 and 2022. France shifted to being a net importer of gasoline in 2021, hampered by curtailed refinery availability during the Covid-19 pandemic, and it has remained so ever since. The country imported 2.7mn t of gasoline last year — most of it short-haul shipments arriving from Belgium, the Netherlands and Germany. This left net imports at just over 800,000t, compared with 1.05mn t in 2023. Rising domestic demand has supported both imports and domestic refinery output. Demand was around 11.1mn t last year, according to data from domestic fuels association Ufip, 7pc higher than 2023 and the highest in the last 12 years, boosted by consumers buying more gasoline and gasoline-hybrid vehicles and fewer diesel-run cars and vans. Car maker federation the CCFA said last year that diesel cars and light vans took a 7.3pc share of the French market while gasoline and hybrid vehicles took a combined 72pc, the same share that diesel vehicles held back in 2012. Apparent domestic gasoline output — assessed by Argus using demand, import, export and stocks data — was close to 10.5mn t last year, 10pc higher than 2023. This was the highest level of production since 2017, when France had more refining capacity. But in 2017 France exported over 40pc of its output, whereas last year it was under 20pc. The rise in domestic gasoline production was underpinned by a lighter and sweeter crude slate. France is no longer importing any sanctioned Russian Urals and is taking far less Saudi Arab Light. It is replacing these medium sour grades with light sweet US WTI, which was the most popular crude grade among French refineries last year. By Adam Porter French gasoline mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Green marine fuel uptake slowed by regulations: GMF


19/02/25
News
19/02/25

Green marine fuel uptake slowed by regulations: GMF

Singapore, 19 February (Argus) — The global shipping sector requires clearer fuel regulations for widespread adoption of green marine fuels, according to panellists at the opening session of the Argus Green Marine Fuels Asia conference on 18 February. Regulations will be a key driver of fuel adoption in the industry but unclear directives remain a barrier to extensive uptake, said Global Centre for Maritime Decarbonisation's (GCMD) director for research and projects Prapisala Thepsithar. The pricing outlook for low to zero carbon fuels will become clearer only after the global shipping market progresses on a consistent set of regulations. Buyers will have to work with regulators to ensure that the uptake of fuels will be compliant across the value chain, said Baltic and International Maritime Council (BIMCO) regional manager Ashok Srinivasan. Shipowners and charterers would not want to increase bunkering of biofuels and subsequently discover it is not sustainable according to regulatory requirements, Srinivasan said. Market concerns such as fuel feedstock origin and production process, shipping infrastructure and technology, and vessel readiness were also discussed during the panel. The industry should strive towards regulations that are recognised as a global standard to be applied worldwide, said chief technology officer of energy and fuels at Maersk Mc-Kinney Moller Centre for Zero Carbon Shipping (MMMCZCS) Torben Nørgaard. But new regulations on alternative fuels must be aligned with existing ones, or it would be a challenge for the industry to comply, said Srinivasan. The market is looking ahead to the 83rd session of Marine Environment Protection Committee (MEPC) for any potential announcements about global fuel standardisation from the International Maritime Organisation (IMO). MEPC 83 will be held on 7-11 April 2025. The shipping sector expects a multi-fuel future, but more effort and time will be needed to ensure scalable supplies and feasible pricing. Shipping has "no history of being a market maker" that drives energy consumption and the industry will have to look for opportunities in other energy sectors to aggregate demand and pass the cost to customers, said Nørgaard. Fuel pathways are shared across industries and scalability is limited unless there is widespread adoption, added Nørgaard. Current and projected fuel prices are "a major factor" in the uptake of different fuel types, said Srinivasan. By Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US court pauses refiner's biofuel case after EPA shift


18/02/25
News
18/02/25

US court pauses refiner's biofuel case after EPA shift

New York, 18 February (Argus) — A US federal appeals court has paused the Environmental Protection Agency (EPA)'s rejection of a refiner's request for exemptions from federal biofuel blend mandates, with relief possible for two more refiners as the US reassesses policy under a new administration. A three-judge panel on the US 5th Circuit Court of Appeals last week granted a request from Calumet's 57,000 b/d refinery in Shreveport, Louisiana, to pause a recent EPA action denying the refinery relief from its 2023 obligations under the federal Renewable Fuel Standard. The stay will remain as the court continues reviewing the legality of EPA's rejection, issued in the waning days of President Joe Biden's administration. Under the program, EPA sets annual mandates for blending biofuels into the conventional fuel supply but allows oil refineries that process 75,000 b/d or less to apply for exemptions if they can prove they would suffer "disproportionate" economic hardship. The Biden administration denied these petitions en masse, though most of these rejections were struck down by courts concerned with the government's reasoning. During his first term, President Donald Trump was more generous with refinery relief, which in turn weighed on biofuel demand and the prices of Renewable Identification Number (RIN) credits at the time. Though the 5th Circuit did not explain its decision, EPA had shifted course after the presidential transition, telling the court earlier in the week that it did not oppose Calumet's request for a stay and that it was reconsidering the refiner's earlier exemption petition. The agency said in other court cases that it would not oppose similar pauses on recently issued waiver rejections affecting Calumet's 15,000 b/d oil refinery in Great Falls, Montana, and CVR Energy's 75,000 b/d refinery in Wynnewood, Oklahoma. EPA's ambivalence makes stays more likely, leaving those refiners with little reason for now to enter the market for RIN credits. The agency still says it "takes no position on the merits" as its review of small refinery exemptions continues but the filings at least suggest the possibility of reversing prior rejections. EPA has not yet signaled a more substantive policy around how it will handle similar small refinery requests, which have piled up in recent months. There were 139 pending petitions covering ten compliance years according to the latest program data. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Shell starts construction of base oil unit at Wesseling


18/02/25
News
18/02/25

Shell starts construction of base oil unit at Wesseling

London, 18 February (Argus) — Shell has started construction of a Group III base oil production plant at its Wesseling oil refinery in western Germany, with commissioning scheduled by 2028, the company told Argus today. Two columns of 54 and 37 meters for the base oil conversion unit have been delivered and assembled at the site, Shell said. It announced plans to convert its Wesseling hydrocracker into a Group III base oil production unit at end of January 2024. The unit is anticipated to have a production capacity of 300,000 t/yr. Shell will cease crude distillation by March 2025 at the 147,000 b/d Wesseling refinery, as the company looks to reduce CO2 emissions. The base oil plant will receive vacuum gasoil (VGO) feedstocks from Shell's neighbouring 187,000 b/d Godorf refinery. European Group III prices have dropped on a persistent supply overhang. Argus -assessed prices for fca northwest Europe Group III 4cst with partial or no approvals fell by 23pc on the year to $1,020/t on 7 February. Suppliers in the Mideast Gulf target European buyers with ample spot supplies to capitalise on higher margins. Europe is the most attractive export outlet as it remains dependent on imports of Group III material owing to its smaller Group III production capacity in comparison to other regions. By Christian Hotten Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Australia's Virgin, Qatar given approval to add flights


18/02/25
News
18/02/25

Australia's Virgin, Qatar given approval to add flights

Sydney, 18 February (Argus) — Privately-held airline Virgin Australia has been given approval by the Australian Competition and Consumer Commission (ACCC) for a planned agreement with state-owned carrier Qatar Airways to boost international flights to Australia. The proposed co-operation includes 28 new weekly return flights from Doha to Perth, Brisbane, Sydney and Melbourne beginning in mid-2025, and is likely to benefit travellers and increase choices for consumers, the ACCC said. Virgin plans to wet-lease aircraft from Qatar to operate the services and has already commenced selling fares. Virgin entered voluntary administration during the Covid-19 pandemic in 2020 before being sold to US private equity investor Bain Capital. The company, Australia's second-largest consumer of jet fuel, formerly operated long-haul flights but has since only operated flights to Australia, New Zealand, the Pacific and Indonesia. Qatar agreed to buy a minority 25pc stake in Virgin in 2024 as part of its expansion into Australia after it was refused authorisation to increase flights to the country by the federal transport minister. The Australian Foreign Investment Review Board and federal treasurer have yet to approve the deal. Australia's sales of jet fuel for international flights averaged 91,000 b/d in 2024, up by 17pc on the year from 78,000 b/d in 2023, according to Australian Petroleum Statistics. Total jet fuel sales were at 161,000 b/d. International jet fuel sales totalled 102,000 b/d in 2019, the final full year before the pandemic. Australia's jet fuel imports totalled 128,000 b/d in 2024, up by 8pc on the year. Further demand growth is likely, with Sydney — Australia's largest airport — reporting international passenger numbers 4pc below 2019 figures in 2024. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more