US’ June exports to Latin America rise

US base oils exports to Latin America rose in June to a three-month high, contrasting with a slide in shipments to Europe.

Base oils exports to Latin America, excluding Mexico, rose to 538,340bl (75,820t) in June, government data showed.

The volume was up from 505,560bl the previous month and 33pc higher than year-earlier levels.

The pick-up in shipments lifted total US base oils exports to Latin America to some 2.88mn bl in the first half of the year, or 25pc of total US exports.

The volume was up 4pc from 2.78mn bl during the same period last year, or 26pc of total US exports.

The rise in shipments to Latin America coincided with firm base oils and lube demand in the region in the first half of the year.

The strong demand reflected still-firm economic growth, even in the face of rising inflation and interest rates.

The rise in June shipments contrasted with a drop in US supplies to Europe. The lower volumes partly reflected the impact of plant maintenance in the US.

It also coincided with weak lube consumption and easing supply tightness in the European market.

US base oils exports to Brazil rose in June to a four-month high of 268,370bl.

The rise in shipments coincided with a slump in Brazil’s base oils production in June. The lower output likely reflected scheduled plant maintenance work.

Base oils exports to Chile rose in June to a three-month high of 76,140bl.

Exports of 363,270bl to the South American country in the first six months of the year were up more than 25pc from less than 290,000bl during the same period last year.