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Singapore’s oil product stocks hit over nine-month lows as US-Iran war cuts supply

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Published07 MAY 26 - 08:08 Reading time  minutes
“Residue inventories are coming off, likely from the effect of lower fuel oil yields from the refineries that have needed to switch to a lighter crude diet. This trend is likely to continue as medium sour crude from the Middle East remains fairly limited in supply.”

Reuters, May 7, 2026 – June Goh (Senior Oil Analyst, Sparta) identifies the structural driver behind Singapore’s fuel oil squeeze: refiners forced onto a lighter crude diet are generating lower residue yields, pushing stocks near a 50-week low at 19.88 million barrels. With Middle East medium sour supply still severely constrained, she warns the trend will continue. Traders should monitor East-West fuel oil spreads and Atlantic Basin supply flows as Singapore’s bunker market increasingly depends on western replacement barrels.

Author

June Goh

Senior Oil Analyst

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