Base oils supply in the Americas market fell to a seven-month low in October amid a synchronized fall in production in the US, Brazil and Argentina.The fall in supply contrasted with a pick-up in demand in October from the previous month, especially in Latin America.The surplus of supply over demand fell in response to its lowest since the start of the year.The smaller surplus slowed a build-up of regional supplies in the fourth quarter of the year.The shortfall of base oils output in Latin America to regional lube demand also widened in October to close to its highest in years.The trend increased the region’s requirements for base oils from other markets to cover the shortfall. The US was ideally-postioned to benefit from that additional demand in view of its relative proximity to Latin America and its competitive export prices compared with other regions.The Americas’ total base oils output of around 660,000t in October fell from more than 670,000t the previous month and from more than 730,000 t/month in July and in August.The lower supply contrasted with a rise in the Americas' demand to more than 580,000t in October, from less than 510,000t the previous month.Latin America’s demand outpaced supply by more than 150,000t in October. The volume was up from around 140,000t the previous month and from typical levels of less than 125,000 t/month over the past year..US’ Oct base oils supply stays low.Latin America’s Oct lube demand rises
Base oils supply in the Americas market fell to a seven-month low in October amid a synchronized fall in production in the US, Brazil and Argentina.The fall in supply contrasted with a pick-up in demand in October from the previous month, especially in Latin America.The surplus of supply over demand fell in response to its lowest since the start of the year.The smaller surplus slowed a build-up of regional supplies in the fourth quarter of the year.The shortfall of base oils output in Latin America to regional lube demand also widened in October to close to its highest in years.The trend increased the region’s requirements for base oils from other markets to cover the shortfall. The US was ideally-postioned to benefit from that additional demand in view of its relative proximity to Latin America and its competitive export prices compared with other regions.The Americas’ total base oils output of around 660,000t in October fell from more than 670,000t the previous month and from more than 730,000 t/month in July and in August.The lower supply contrasted with a rise in the Americas' demand to more than 580,000t in October, from less than 510,000t the previous month.Latin America’s demand outpaced supply by more than 150,000t in October. The volume was up from around 140,000t the previous month and from typical levels of less than 125,000 t/month over the past year..US’ Oct base oils supply stays low.Latin America’s Oct lube demand rises
