US base oils exports to Europe fell in December from record-high levels the previous month.They were still the second highest in five months.The surge in exports in November and December followed a slump in US export prices that left wide open the arbitrage to Europe.The shipments helped to replenish Europe’s premium-grade base oils supplies that had dipped in October and November.They also helped to clear some of the surplus volumes from the US market at a time when a seasonal slowdown in activity compounded unusually weak domestic demand.The discount of US Group II export prices to European prices widened further in February.The open arbitrage raised the prospect of sustaining larger-than-usual flows to the region during the first quarter of this year.Any such trend would help to balance out an expected drop in Europe’s Group II base oils production during that period.US base oils exports of around 557,000bl (78,400t) to Europe in December fell by more than half from more than 1.15mn bl the previous month, government data showed.They remained well above typical export volumes of around 414,000 bl/month in the first ten months of last year.The surge in shipments at year-end lifted total US exports to Europe to close to 5.9mn bl in 2023. The volume rose from 5.2mn bl the previous year to the highest since 2018..US’ Dec base oils exports stay high
US base oils exports to Europe fell in December from record-high levels the previous month.They were still the second highest in five months.The surge in exports in November and December followed a slump in US export prices that left wide open the arbitrage to Europe.The shipments helped to replenish Europe’s premium-grade base oils supplies that had dipped in October and November.They also helped to clear some of the surplus volumes from the US market at a time when a seasonal slowdown in activity compounded unusually weak domestic demand.The discount of US Group II export prices to European prices widened further in February.The open arbitrage raised the prospect of sustaining larger-than-usual flows to the region during the first quarter of this year.Any such trend would help to balance out an expected drop in Europe’s Group II base oils production during that period.US base oils exports of around 557,000bl (78,400t) to Europe in December fell by more than half from more than 1.15mn bl the previous month, government data showed.They remained well above typical export volumes of around 414,000 bl/month in the first ten months of last year.The surge in shipments at year-end lifted total US exports to Europe to close to 5.9mn bl in 2023. The volume rose from 5.2mn bl the previous year to the highest since 2018..US’ Dec base oils exports stay high
