US base oils and lube exports rose in October for the fourth time in five months, removing surplus supplies from the domestic market at a time when demand faced a seasonal slowdown.The move curbed the speed of a build-up of surplus supplies during the fourth quarter of the year.A smaller build-up of surplus supplies in turn eased pressure on US refiners to cut prices to clear the surplus volumes.US base oils and lube exports climbed to more than 4 million barrels (568,000 tonnes) in October, from around 3.42 million barrels the previous month, government data showed.The volume rose by 46% from year-earlier levels and exceeded the 4 million barrel/month level for the third time this year and for the seventh time since the beginning of 2022.Before 2022, exports had never exceeded that level.Exports rose in October even with the almost-complete halt in base oils shipments from the district of San Francisco that month.The pause in shipments coincided with scheduled plant maintenance at a major Group II base oils unit in Richmond, California during the month of October.The drop in supplies contrasted with a surge in base oils shipments from the district of Port Arthur in Texas.Exports of close to 230,000 barrels from Port Arthur rose from typical volumes of less than 90,000 barrels/month to the highest level this year.A large cargo to Nigeria accounted for most of the exports.The shipment was the second from Port Arthur in three months and added to a rebound in US base oils exports to Africa in October to the second-highest level this year.US exports to other less regular outlets also rose in October, including a pick-up in base oils shipments to Singapore.Exports to the island-state unusually surged in first-half 2024 before slumping in the third quarter of the year.The wave of exports resumed in October, with shipments of more than 110,000 barrels to the city-state in southeast Asia..US’ September base oils demand falls.US September base oil/lube exports fall.Global exports to Africa fall in Sept.Base Oil News stories and analysis also available on ICIS platform
