US base oils exports to Europe rose to a ten-month high in May, adding to plentiful supplies of premium grades in the region.Base oils exports of 691,130bl (97,340t) in May rose from average volumes of less than 350,000bl during the previous three months, government data showed.The higher-than-usual May volume also far outpaced typical volumes of around 430,000 bl/month in 2022.Firm European Group II base oils prices relative to the US and Asia in the second quarter boosted the attraction of moving more shipments to the region.Competitive European Group II prices relative to Group I during the second quarter boosted the attraction for regional blenders to procure more of the premium-grade supplies..US’ May base oils exports rise
