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Onshore fuel oil storage volumes in Singapore slipped from a multi-year high touched last week, but hovered above 20 million barrels on higher imports from the UAE, official data showed.
Residue inventories in the week to December 25 were at 21.818 million barrels (3.44 million tons), down about 25 per cent from the highest in more than eight and a half years in the previous week, data from Enterprise Singapore showed.
Most of the imports in the past week came from the UAE, the data showed, excluding cargo movements from Malaysia. Exports were mostly headed to China and Hong Kong, the data showed.
High inventories continued to weigh Asia's fuel oil market, with backwardation in the market structure for both very low sulphur fuel oil (VLSFO) and high sulphur fuel oil (HSFO) having narrowed.
Prompt prices are higher than those in the future month in a backwardated market. -Reuters