Middle East supply disruptions begin to feed through, with Singapore's exports falling to a two-year low in the month to 8 April
Last pre-disruption Middle East cargoes reach the US Gulf coast, with no new Group III loadings since late February
Spain and Indonesia's steady Group III flows point to limited capacity to fill the Middle East supply gap
Asia's base oils exports already fell to a 13-month low in February, tightening regional availability even before the disruptions
India's March lubricants demand rose to a record high, with supply disruptions complicating a restocking round in the second quarter
China's March output rose to a multi-year high, leaving domestic blenders better insulated than rivals in other markets
Europe entered the disruption period with lean stocks following a modest January surplus
Turkey's February imports fell to a four-year low as Russian flows slumped, tightening inventories ahead of wider disruptions
US January consumption extended its rebound to a three-year high, ahead of seasonal stock-building and disruption-driven demand later in the quarter