US’ May base oils imports fall

US base oils imports fell to a six-month low in May amid a slump in Group III shipments from Asia-Pacific.

Total base oils imports of 1.13mn bl (159,150t) in May fell from 1.54mn bl the previous month, government data showed.

Even with the slowdown, total imports of 6.77mn bl in the first five months of the year were up 5pc from 6.47mn bl during the same period last year.

The surplus narrowed from a 13pc increase in the first four months of the year.

Imports fell in May because of a dip in shipments of Group III base oils to less than 950,000bl. The volume was the lowest since last November.

Imports of premium-grades fell in May mostly because of a slide in shipments from Asia-Pacific to around 233,000bl.

The volume fell from more than 409,000bl the previous month to the lowest since September 2020.