Disruption-driven stock-building unwound across major markets, improving supply availability faster than buyers had anticipated
Supply returned to surplus in markets such as Argentina as recovering production and weaker demand reversed recent shortages
Group I again demonstrated the benefits of a broader production base, contrasting with tighter Group II and especially Group III supply
Asia's supply outlook remained fragile as unusually weak Singapore exports slowed the region's supply rebuild
Domestic production became increasingly important in the US and Japan as imports weakened and refiners covered a larger share of local demand
Trade flows continued to adjust, with Europe supplementing Singapore, India supplying the US and Argentina resuming base oils exports
Overall supply improved, but premium-grade availability and reduced export buffers left the market exposed to fresh disruptions