Singapore's jet fuel imports surged to a more than two-year high in August on a rise in supplies from the Mideast Gulf, although exports fell to their lowest monthly level since at least January 2016, likely because of limited regional demand. Singapore imported 330,570t (84,000 b/d) of jet fuel in August, the highest monthly volume since the 496,583t (126,200 b/d) it took in July 2017, according to Global Trade Tracker (GTT) data. Rare jet fuel supplies from Kuwait and Bahrain accounted for around 228,653t (58,100 b/d), or about 69pc of the August imports, according to data from government agency Enterprise Singapore. Rare jet fuel cargoes from the Mideast Gulf have been arriving in Singapore since July because of higher prices in the city-state compared with Europe, which is the typical destination for Mideast Gulf jet fuel exports. Outright Singapore jet fuel prices were at an average discount of $0.73/bl to northwest European jet fuel prices in August compared with an average $3.05/bl discount for the whole of 2019. They were at an average $0.25/bl discount in September.
Singapore's jet fuel exports were at only around 153,486t (39,000 b/d) in August, the lowest monthly shipment since at least January 2016, according to GTT data. This was likely because of still-weak regional demand as most countries' border restrictions remained in place to curb the spread of Covid-19. The exports were mostly to Malaysia, Australia and South Korea. But the city-state's jet fuel imports fell from August to around 206,400t (58,000 b/d) from 3-30 September, while exports rose to about 188,500t (53,000 b/d), according to Enterprise Singapore data. Singapore Airlines group's passenger capacity by the end of December is expected to be just around 15pc of pre-Covid-19 levels in January, although it has been gradually increasing in past months.