Singapore's base oils imports climbed to a seven-month high in April as pre-disruption European and Middle East cargoes arrived, easing near-term supply pressure in the city-state.

Imports rose to 80,500 tonnes in April, climbing from 35,100 tonnes in March to the highest since September 2025, Enterprise Singapore data showed.

The timing mismatch between shipment scheduling and the onset of disruptions amplified supply volatility across different regions.

The effect was to cushion for longer the impact of those disruptions in destination markets like Singapore, while leaving origin markets more exposed to tighter prompt supply.

Key Highlights

·         Shipments from the Netherlands climbed to an eight-month high, with additional European cargoes reaching Singapore in May.

·         Inflows from Hong Kong surged to a 66-month high, with Hong Kong serving as a key distribution point for Qatari volumes.

·         Combined imports from Hong Kong and Qatar exceeded 35,000 tonnes, the highest in more than nine years, pointing to a sharp rebound in Qatar-origin supply after March's 15-month low.

·         Singapore’s total exports stayed elevated at the second-highest level in 10 months, even as flows dipped from other Asian suppliers such as South Korea and Taiwan.

Market Repercussions

The surge in inbound volumes provided short-term cover for supply conditions in Singapore, where domestic-origin exports fell to a six-month low in April.

The same cargoes tightened supply conditions in Europe, where Group II prices outpaced Asian market gains since early March.

But the temporary boost to Singapore was set to fade.

Europe's supply position shifted after end-February disruptions tightened prompt availability and curbed the viability of additional shipments to Singapore, while flows from Qatar remained paused.

A subsequent slowdown in inbound volumes would leave Singapore more reliant on domestic supply to meet ongoing commitments.