Singapore four-week base oils exports held above average levels for a second consecutive week through 13 May.
Imports climbed to the highest in more than four years, supported by a large Europe-origin cargo.
Trade flows pointed to steadier regional availability despite ongoing feedstock and refinery constraints.
Singapore’s base oils exports remained above typical levels in the four weeks to 13 May, adding to signs of steadier-than-expected regional supply despite feedstock constraints and refiners prioritising motor fuel output.
Total exports held above 185,000 tonnes for a second week, above average monthly levels of around 178,000 tonnes in the year to March, Enterprise Singapore data showed.
A surge in base oils imports over the last two weeks added to regional availability.
The increase contrasted with slower shipments from other regional sources such as Taiwan and raised the prospect of sufficient volumes to cover Asia-Pacific requirements.
Key Highlights
· Four-week exports to India topped 40,000 tonnes for the first time since mid-October, holding well above typical levels over the past year.
· Four-week exports to China recovered, holding above typical levels despite elevated domestic output.
· Four-week imports extended their rise to the highest in more than four years, boosted by the arrival of a large shipment from Europe that simultaneously tightened availability in that market.
Market Repercussions
Elevated Singapore exports, combined with China’s self-sufficiency in most of its Group II supply and continued Taiwan shipments to India, pointed to steadier-than-expected availability across the Asia-Pacific market.
A closed arbitrage to China and weak CFR India prices pointed to more muted demand relative to supply.
The focus in recent weeks has centred on concerns about insufficient supply following feedstock disruptions and refiners’ prioritisation of motor fuel output.
Current trade flows and prices instead pointed to more resilient supply and restrained demand.