US base oils exports stayed lower than usual in February even as they rose from the previous month.The still-muted export volumes coincided with a time of year when the US’ domestic base oils and lube demand typically falls sharply.A slowdown in exports in the first two months of the year and weak domestic demand raised the prospect of a sharper build-up of surplus supplies.US base oils exports prices extended their fall in February, widening their discounts to prices in other markets like Europe and India, ICIS data showed.The weakness in export prices pointed to growing pressure on suppliers to clear surplus volumes in overseas markets.US base oils export prices then recovered in recent weeks, and domestic refiners raised posted prices this and last month.The moves pointed to more balanced fundamentals following the removal of a large volume of the surplus supplies.US base oils exports of 1.89 million barrels (266,000 tonnes) in February rose from a thirteen-month low of 1.56 million barrels in January, government data showed.The February volume still lagged average exports of more than 2 million barrels/month over the past year and more than 2.30 million barrels in November and in December.Exports fell even with a recovery in shipments to Mexico and an unusual surge in flows to southeast Asia.Base oils exports of more than 533,000 barrels to Mexico in February rose from a thirteen-month low of close to 376,000 barrels in January.The pick-up in shipments boosted average exports to the country to close to 455,000 barrels/month in the first two months of the year.The volume was down slightly from average levels of 482,000 barrels/month in the fourth quarter of last year. The steadier monthly shipments boosted signs that the recent slump in exports to Mexico has bottomed out.Exports to the country had averaged more than 730,000 barrels/month in the first nine months of last year.US base oils exports of 136,000 barrels to Singapore in February were the highest since the second quarter of 2017.Exports to the island-state had already risen strongly in December and January.Exports rose even with no plant maintenance work scheduled in Singapore and signs of improving availability of Group II base oils supplies in the Asia-Pacific region in recent weeks..Mexico’s January lube demand falls.Singapore’s Feb base oils exports fall.US’ January base oils supply falls
US base oils exports stayed lower than usual in February even as they rose from the previous month.The still-muted export volumes coincided with a time of year when the US’ domestic base oils and lube demand typically falls sharply.A slowdown in exports in the first two months of the year and weak domestic demand raised the prospect of a sharper build-up of surplus supplies.US base oils exports prices extended their fall in February, widening their discounts to prices in other markets like Europe and India, ICIS data showed.The weakness in export prices pointed to growing pressure on suppliers to clear surplus volumes in overseas markets.US base oils export prices then recovered in recent weeks, and domestic refiners raised posted prices this and last month.The moves pointed to more balanced fundamentals following the removal of a large volume of the surplus supplies.US base oils exports of 1.89 million barrels (266,000 tonnes) in February rose from a thirteen-month low of 1.56 million barrels in January, government data showed.The February volume still lagged average exports of more than 2 million barrels/month over the past year and more than 2.30 million barrels in November and in December.Exports fell even with a recovery in shipments to Mexico and an unusual surge in flows to southeast Asia.Base oils exports of more than 533,000 barrels to Mexico in February rose from a thirteen-month low of close to 376,000 barrels in January.The pick-up in shipments boosted average exports to the country to close to 455,000 barrels/month in the first two months of the year.The volume was down slightly from average levels of 482,000 barrels/month in the fourth quarter of last year. The steadier monthly shipments boosted signs that the recent slump in exports to Mexico has bottomed out.Exports to the country had averaged more than 730,000 barrels/month in the first nine months of last year.US base oils exports of 136,000 barrels to Singapore in February were the highest since the second quarter of 2017.Exports to the island-state had already risen strongly in December and January.Exports rose even with no plant maintenance work scheduled in Singapore and signs of improving availability of Group II base oils supplies in the Asia-Pacific region in recent weeks..Mexico’s January lube demand falls.Singapore’s Feb base oils exports fall.US’ January base oils supply falls
