Singapore’s base oils exports steadied in the month to 1 April as shipments recovered from an unusual slump the previous week.

Total exports rose to close to 185,000 tonnes, up from around 177,000 tonnes the previous week but still down from more than 230,000 tonnes in the month to mid-March, Enterprise Singapore data showed.

Exports steadied as weekly shipment volumes returned to more typical levels, following a drop in flows the previous week that was the steepest in more than four years.

Even with the recovery, export volumes were likely to remain volatile as disruptions to feedstock shipments kept pressure on refiners to adjust run rates.

Key Highlights

·         A large shipment moved to the US for the first time in four months.

·         The pick-up in flows since November 2025 followed a more-than-three-year pause in such large US-bound cargoes.

·         US imports from Singapore surged in January to the highest since end-2018, reflecting the arrival of the earlier shipments.

·         Four-week exports to Southeast Asia and China extended their fall to the lowest in a month, while shipments to India edged up from a low level.

Market Repercussions

The renewed flow of shipments to the US since November followed the start-up of a new Group II unit in Singapore, whose products include a heavy-grade base oil that can substitute for Group I brightstock in many applications.

But those shipments remained irregular, with no comparable cargoes moving to Europe.

Flows could become even less frequent as tightening base oils availability in Asia, combined with feedstock constraints and regional prices outpacing other markets, increase the incentive for refiners to prioritize regional demand.