Singapore’s Base Oils Exports At Two-Year Low In Month To 8 April

Singapore’s base oils exports slid to a two-year low in the four weeks to 8 April, adding to signs that feedstock disruption and refinery run cuts had an increasingly marked impact on availability.

Total base oils exports fell to less than 120,000 tonnes, down from more than 180,000 tonnes the previous week to the lowest since January 2024, Enterprise Singapore data showed.

An initial sharp fall in weekly exports in late-March could have reflected one-off factors such as logistical issues.

A second marked decline in three weeks instead pointed to a more sustained trend, coinciding with reduced refinery operating rates in Singapore amid tighter feedstock supply.

Key Highlights

·         Four-week exports to Southeast Asia extended their fall to the lowest since April 2025.

·         Shipments to India fell even more sharply, sliding to the lowest since January 2024.

·         Exports to China fell to the lowest since early March, reflecting steadier flows to that market relative to other destinations.

·         China-bound shipments accounted for 36% of total exports, the highest share since March 2023.

Market Repercussions

The slump in shipments to Southeast Asia and India risked compounding already tight supply fundamentals across both markets in the first quarter of the year.

Exports to China held steadier, despite the country’s higher output and inventories during the first three months of the year.

The diverging trends pointed to a relative supply and price advantage for Chinese blenders as availability tightened elsewhere.