US base oils and lube exports rose to a five-month high in August, suggesting that distributors and blenders had completed moves to build additional stocks during the Atlantic hurricane season.The pick-up in exports instead pointed to moves to limit a further rise in supplies in the US market ahead of a slowdown in consumption at the start of the fourth quarter of the year.Total base oils and lube exports rose to more than 4.0 million barrels (569,000 tonnes) in August, government data showed.The volume rose from less than 3.35 million barrels in July and by 23% from year-earlier levels.The volume was high.Exports exceeded the 4-million-barrel/month level one other time so far this year and two times in 2022 and in 2023. It never exceeded the level before 2022.Shipments rose in August at a time of year when domestic lube demand in the US faced a seasonal slowdown.Buying interest got some support from stock-building at the end of the second quarter and start of the third quarter to cover against any weather-related supply disruptions.The rise in exports in August suggested that inventory levels were now sufficient. The focus was instead switching to managing the size of a supply-surplus ahead of a more prolonged dip in demand during the final months of the year.A jump in shipments to Africa added to signs of such moves to limit the supply-build.Total base oils exports of close to 290,000 barrels to Africa in August were the highest in more than four years and up from typical levels of around 100,000 barrels/month over the past year.The exports included regular shipments to South Africa.They also included less regular shipments to markets like Egypt and Nigeria.Exports to Nigeria especially typically consist of spot cargoes rather than term supplies.The availability of any such spot shipments pointed to surplus volumes that sellers sought to clear from the US market..US' July base oils supply rises.US’ July base oils demand falls.Global exports to Africa fall in July
