US base oils imports fell in February to the lowest in more than four years, contrasting with a rise in the country’s base oils and lube exports.The country’s net exports duly rose to an eleven-month high and raised the prospect of reversing the sustained increase in US base oils stocks since the middle of last year.US base oils prices mostly stayed rangebound throughout the first quarter of the year even with signs of tighter supply in February.The dynamic pointed to weaker-than-usual demand that limited the impact of the drop in supply.This month’s imposition of tariffs on US imports excluded base oils.It still raised the prospect of extending domestic demand weakness into the coming months.US base oils imports of 744,000 barrels (105,000 tonnes) in February fell from more than 1.50 million barrels the previous month, government data showed..Most of the supplies consisted of shipments from major producers of Group III base oils.The February volume was the lowest since second-half 2020 and mostly reflected a slump in shipments from South Korea.Imports of less than 75,000 barrels from the northeast Asian country in February fell from typical levels of more than 390,000 barrels/month over the past year to the lowest since 2016.The unusually sharp drop in shipments followed a slump in South Korea’s base oils exports in January to a four-month low.The slowdown included a dip in shipments to the US and Europe and pointed to supply issues related to Group III base oils, such as production issues or stock-building.The slump in US base oils imports in February preceded a typical seasonal pick-up in domestic demand at the end of the first quarter of the year.US base oils prices held steady in recent weeks even with the prospect of tighter supply-demand fundamentals.Signs of a rise in US Group III base oils imports in March and early-April likely helped to lift supply and cover for any pick-up in domestic demand.Steady US prices also suggested that demand was weaker than usual, further helping to keep fundamentals relatively balanced..US’ February base oils exports rise.S Korea's Jan base oils exports fall to Americas, Europe
US base oils imports fell in February to the lowest in more than four years, contrasting with a rise in the country’s base oils and lube exports.The country’s net exports duly rose to an eleven-month high and raised the prospect of reversing the sustained increase in US base oils stocks since the middle of last year.US base oils prices mostly stayed rangebound throughout the first quarter of the year even with signs of tighter supply in February.The dynamic pointed to weaker-than-usual demand that limited the impact of the drop in supply.This month’s imposition of tariffs on US imports excluded base oils.It still raised the prospect of extending domestic demand weakness into the coming months.US base oils imports of 744,000 barrels (105,000 tonnes) in February fell from more than 1.50 million barrels the previous month, government data showed..Most of the supplies consisted of shipments from major producers of Group III base oils.The February volume was the lowest since second-half 2020 and mostly reflected a slump in shipments from South Korea.Imports of less than 75,000 barrels from the northeast Asian country in February fell from typical levels of more than 390,000 barrels/month over the past year to the lowest since 2016.The unusually sharp drop in shipments followed a slump in South Korea’s base oils exports in January to a four-month low.The slowdown included a dip in shipments to the US and Europe and pointed to supply issues related to Group III base oils, such as production issues or stock-building.The slump in US base oils imports in February preceded a typical seasonal pick-up in domestic demand at the end of the first quarter of the year.US base oils prices held steady in recent weeks even with the prospect of tighter supply-demand fundamentals.Signs of a rise in US Group III base oils imports in March and early-April likely helped to lift supply and cover for any pick-up in domestic demand.Steady US prices also suggested that demand was weaker than usual, further helping to keep fundamentals relatively balanced..US’ February base oils exports rise.S Korea's Jan base oils exports fall to Americas, Europe
