US base oils imports rose in June from a year earlier for the first time in more than a year on the back of a surge in shipments from the Middle East.Total imports of 1.33 million barrels (187,000 tonnes) in June rose from 976,000 barrels in May and by 41% from year-earlier levels, government data showed.The volume was the second highest since last September.The supplies consisted mostly of Group III base oils and added to higher domestic output of the premium-grade product.The rise in shipments coincided with a revival in US base oils exports to markets like Europe.The export volumes consisted mostly of Group II base oils, trimming further the domestic availability of those supplies.US base oils prices reflected the more plentiful supply dynamics for Group III base oils and tighter supply of Group II base oils.The premium of US Group III base oils over Group II light-grade prices fell in June to its narrowest level in more than seven years. The premium narrowed further over the following weeks.US Group III prices also remained weak relative to prices in other regions like Europe and Asia.The weak prices curbed the attraction of moving more supplies to the US.At the same time, forecasts of an unusually active Atlantic hurricane season supported a pick-up in demand to boost stocks as a buffer against weather-related supply disruptions during the third quarter.More plentiful availability and competitive prices of Group III base oils relative to Group II volumes boosted the attraction of maximizing consumption and stocks of those supplies.The stronger demand, as well as firm buying interest in Latin America, contrasted with a seasonal slowdown in base oils and lube consumption in Europe during the summer months.US base oils imports of more than 940,000 barrels from the Middle East in June rose from less than 510,000 barrels in May to the second-highest level in almost two years.The surge in shipments contrasted with a slump in supplies from Asia to a multi-year low of little more than 120,000 barrels.The slowdown partly reflected the impact of plant maintenance work in South Korea earlier in the year.US imports from South Korea showed signs of reverting to more typical volumes over the following months..US’ June base oils/lube exports rise.S Korea’s June exports rise to Latam, fall to US
US base oils imports rose in June from a year earlier for the first time in more than a year on the back of a surge in shipments from the Middle East.Total imports of 1.33 million barrels (187,000 tonnes) in June rose from 976,000 barrels in May and by 41% from year-earlier levels, government data showed.The volume was the second highest since last September.The supplies consisted mostly of Group III base oils and added to higher domestic output of the premium-grade product.The rise in shipments coincided with a revival in US base oils exports to markets like Europe.The export volumes consisted mostly of Group II base oils, trimming further the domestic availability of those supplies.US base oils prices reflected the more plentiful supply dynamics for Group III base oils and tighter supply of Group II base oils.The premium of US Group III base oils over Group II light-grade prices fell in June to its narrowest level in more than seven years. The premium narrowed further over the following weeks.US Group III prices also remained weak relative to prices in other regions like Europe and Asia.The weak prices curbed the attraction of moving more supplies to the US.At the same time, forecasts of an unusually active Atlantic hurricane season supported a pick-up in demand to boost stocks as a buffer against weather-related supply disruptions during the third quarter.More plentiful availability and competitive prices of Group III base oils relative to Group II volumes boosted the attraction of maximizing consumption and stocks of those supplies.The stronger demand, as well as firm buying interest in Latin America, contrasted with a seasonal slowdown in base oils and lube consumption in Europe during the summer months.US base oils imports of more than 940,000 barrels from the Middle East in June rose from less than 510,000 barrels in May to the second-highest level in almost two years.The surge in shipments contrasted with a slump in supplies from Asia to a multi-year low of little more than 120,000 barrels.The slowdown partly reflected the impact of plant maintenance work in South Korea earlier in the year.US imports from South Korea showed signs of reverting to more typical volumes over the following months..US’ June base oils/lube exports rise.S Korea’s June exports rise to Latam, fall to US
