US’ May base oils trade surplus rises

US base oils exports exceeded imports by a record amount in May, raising the prospect of a drop in the country’s surplus supplies.

Base oils exports rose to a record-high 2.66mn bl (375,000t) in May.

The country’s base oils imports fell to a six-month low of 1.13mn bl in May.

The 1.53mn bl export surplus rose from less than 560,000bl the previous month to a record high.

The combined surplus of 4.0mn bl in the first five months of the year contrasted with a 60,000bl surplus of imports over exports during second-half 2022.

US base oils prices faced sustained pressure so far this year because supply consistently outpaced demand.