Singapore’s Crude Oil Stock Rose
Relative fuel oil stocks in Singapore, a major trading hub, increased after falling for three consecutive weeks. It received a boost from a rise in shipments from Brazil, Indonesia, and Kuwait, according to government statistics released on Thursday.
According to Enterprise Singapore data, onshore fuel oil stocks increased 6% to a three-week high of 20.71 million barrels (3.26 million tons) in the week that ended on February 1.
Weekly net imports increased by 85% to 697,000 tons in the same week as supply from Western and local Asia increased until the end of January. Brazil had the highest net imports of fuel oil with 154,000 tons, followed by Indonesia with 139,000 tons and Kuwait with 127,000 tons. For the first time this year, Malaysia dropped out of the top three.
Western arbitrage supplies have been steady in January, while trade sources predicted that the trend may moderate slightly in the second half of February. As regular tender offers were made, Indonesian inflows increased, and Kuwait’s Al-Zour refinery has been actively marketing cargoes since November of last year as it ramps up operations.
The top destinations for Singapore’s net exports of fuel oil were all in Asia. 43,000 tons of exports went to China, followed by 38,000 tons to Hong Kong and 29,000 tons to South Korea. In recent trading sessions, premiums for 0.5% very low sulfur fuel oil (MFO05-SIN-DIF) rose to six-month highs, while those for 380-cst high sulfur fuel oil (FO380-SIN-DIF) showed little change.
Seriti, a coal miner, will start building a 155 MW wind farm
Seriti has signed a power purchase agreement, Seriti Green, to deliver 155 MW of wind power to its coal mining activities. According to Seriti, the wind farm will cost 4 billion rand ($235 million).
Last August, privately held Seriti announced the purchase of Windlab Africa’s wind and solar energy assets, beginning its venture into renewable energy. Seriti is a significant coal supplier to South Africa’s state-owned power utility Eskom.
The 155 MW wind farm, which is anticipated to supply electricity to the national grid by 2025, was described by Seriti Resources’ chief executive officer, Mike Teke, as the organization’s first move toward becoming a diversified energy producer.
According to Teke, they believe that it is crucial to accept responsibility and think about investing in renewable energy. He added that carbon neutrality is important and that they will do everything to fight against climate change.
The 155 MW wind farm will be able to provide 75% of Seriti Resources’ energy needs at its coal mining activities, according to Seriti Green CEO Peter Venn.