US’ April base oils exports stay high

US base oils exports stayed unusually high in April for a second month as refiners continued to clear a swathe of surplus supplies.

Base oils exports of 2.09mn bl (295,000t) in April fell from 2.55mn bl the previous month, government data showed.

The March volume was a record high. The April volume was the fifth-highest in the last five years.

Total exports of 8.11mn bl in the first four months of the year rose from year-earlier levels of 7.59mn bl to a record high.

Exports rose as weaker-than-usual domestic demand in the US market left refiners with lingering surplus volumes that kept downward pressure on prices.

The base oils exports in April included a pick-up in shipments from New Orleans and unusually high volumes from Port Arthur.