Brazil’s Feb base oils supply surplus falls

Brazil’s base oils supply surplus fell to a seven-month low in February as a drop in domestic production and imports outpaced a slowdown in lube consumption.

Total supply, or production and imports combined, came to 103,030mᶟ (91,270t) in February, government data showed.

Total domestic and overseas demand came to 88,350mᶟ, down from 95,340mᶟ in January.

The surplus of 14,680mᶟ was the smallest since last July.

Brazil’s more balanced supply-demand fundamentals contrasted with a large surplus at the beginning of last year and supported steady requirements for overseas base oils supplies.