US base oils imports rebounded in March from a four-year low the previous month amid a recovery in shipments from Asia.Total imports of 1.46 million barrels (205,000 tonnes) in March rose from 744,000 barrels the previous month, government data showed.Supply got a boost as imports from South Korea recovered to more typical levels after slumping in February to the lowest in almost a decade.Even with the sharp slowdown in February, the US’ total imports of 3.74 million barrels in the first three months of the year rose by 13% and for a fourth straight quarter from year-earlier levels..Rising imports in March and in the first quarter coincided with a sustained rise in US base oils and lube exports.The dynamic pointed to growing domestic requirements for Group III base oils, and a subsequent rise in supply to meet that demand.It also pointed to shrinking requirements for Group II base oils, and a subsequent rise in surplus supply to clear.US base oils imports showed signs of holding relatively firm in April, even if lower than in the month of March.Shipment volumes set to reach the US this month so far remained lower than in April.Imports in June could also be impacted by plant maintenance work in the Middle East and in northeast Asia during the second quarter of the year.The prospect of lower imports during the second quarter of the year coincided with a round of plant maintenance work in the US and an expected seasonal pick-up in domestic demand.US Group III base oils prices held steady at low levels relative to Group II base oils so far in the second quarter of the year.US Group III prices also extended their slide relative to prices in Europe.Weak Group III prices suggested that supply remained sufficient for now even with lower imports, plant maintenance work and a structural rise in domestic requirements for Group III base oils.Sufficient supply in turn pointed to a weaker-than-usual seasonal rise in demand so far in the second quarter of the year..US' March base oils exports stay high.S Korea’s March exports to US edge down.US’ February base oils supply slumps
US base oils imports rebounded in March from a four-year low the previous month amid a recovery in shipments from Asia.Total imports of 1.46 million barrels (205,000 tonnes) in March rose from 744,000 barrels the previous month, government data showed.Supply got a boost as imports from South Korea recovered to more typical levels after slumping in February to the lowest in almost a decade.Even with the sharp slowdown in February, the US’ total imports of 3.74 million barrels in the first three months of the year rose by 13% and for a fourth straight quarter from year-earlier levels..Rising imports in March and in the first quarter coincided with a sustained rise in US base oils and lube exports.The dynamic pointed to growing domestic requirements for Group III base oils, and a subsequent rise in supply to meet that demand.It also pointed to shrinking requirements for Group II base oils, and a subsequent rise in surplus supply to clear.US base oils imports showed signs of holding relatively firm in April, even if lower than in the month of March.Shipment volumes set to reach the US this month so far remained lower than in April.Imports in June could also be impacted by plant maintenance work in the Middle East and in northeast Asia during the second quarter of the year.The prospect of lower imports during the second quarter of the year coincided with a round of plant maintenance work in the US and an expected seasonal pick-up in domestic demand.US Group III base oils prices held steady at low levels relative to Group II base oils so far in the second quarter of the year.US Group III prices also extended their slide relative to prices in Europe.Weak Group III prices suggested that supply remained sufficient for now even with lower imports, plant maintenance work and a structural rise in domestic requirements for Group III base oils.Sufficient supply in turn pointed to a weaker-than-usual seasonal rise in demand so far in the second quarter of the year..US' March base oils exports stay high.S Korea’s March exports to US edge down.US’ February base oils supply slumps
