US base oils and lube supply fell to a five-month low in November as a dip in output outweighed higher imports.The drop in output kept supply lower than usual for a third month and helped to slow any build-up of surplus volumes in the US at year-end and the start of this year.Base oils and lube output of 4.29mn bl (604,000t) in November fell from 4.40mn bl the previous month, government data showed.The volume was down from typical levels of around 4.50mn bl in 2023 and 4.80mn bl/month in 2022.Output fell despite the completion of scheduled maintenance work on a Group I plant in early November.The drop in output instead mostly reflected a slump in paraffinic base oils production in the Louisiana Gulf coast district to the lowest since June 2023.Naphthenic base oils production in the US West coast also fell in November to a record-low.US base oils export prices extended their fall in November to unusually weak levels versus domestic prices and versus feedstock prices, ICIS data showed.The weaker prices added to refiners’ incentive to limit production of surplus supplies.Lower output outweighed a rise in US base oils imports to a four-month high in November.Total supply, or output and imports combined, slipped to 5.60mn bl in November in response and to less than 17mn bl in the three months to November.The volume fell from more than 18.30mn bl during the same three-month period the previous year, when the market ended up with a supply-glut at year-end..US’ November base oils imports mixed
US base oils and lube supply fell to a five-month low in November as a dip in output outweighed higher imports.The drop in output kept supply lower than usual for a third month and helped to slow any build-up of surplus volumes in the US at year-end and the start of this year.Base oils and lube output of 4.29mn bl (604,000t) in November fell from 4.40mn bl the previous month, government data showed.The volume was down from typical levels of around 4.50mn bl in 2023 and 4.80mn bl/month in 2022.Output fell despite the completion of scheduled maintenance work on a Group I plant in early November.The drop in output instead mostly reflected a slump in paraffinic base oils production in the Louisiana Gulf coast district to the lowest since June 2023.Naphthenic base oils production in the US West coast also fell in November to a record-low.US base oils export prices extended their fall in November to unusually weak levels versus domestic prices and versus feedstock prices, ICIS data showed.The weaker prices added to refiners’ incentive to limit production of surplus supplies.Lower output outweighed a rise in US base oils imports to a four-month high in November.Total supply, or output and imports combined, slipped to 5.60mn bl in November in response and to less than 17mn bl in the three months to November.The volume fell from more than 18.30mn bl during the same three-month period the previous year, when the market ended up with a supply-glut at year-end..US’ November base oils imports mixed