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Singapore's base oils imports climbed to their highest level since mid-May, supported by simultaneous arrivals from Europe, the US and China
Strong imports alongside weak exports pointed to continued tight local production, limiting Singapore's role as a regional export supplier
Lower Singapore exports, together with slower Taiwan shipments, were likely to limit any recovery in surplus base oils supply in Asia even as seasonal demand softened
Singapore's base oils imports climbed to their highest level since mid-May in the four weeks to 8 July as strong arrivals from Europe, the US and China contrasted with continued weak exports, pointing to limited surplus supply from one of Asia's largest export hubs.
Four-week imports rose to almost 86,000 tonnes, Enterprise Singapore data showed.
The volume was well above average monthly imports of around 62,000 tonnes in 2025 and less than 55,000 tonnes in 2024.
Imports were boosted by almost 40,000 tonnes of arrivals during the latest week, the highest weekly total in more than four years.
Exports also rebounded during the week, lifting four-week shipments to more than 125,000 tonnes, their highest level in more than a month.
The broader trend remained weaker.
Export recoveries have repeatedly proved short-lived since early May, while sustained import strength pointed to domestic requirements continuing to absorb a larger share of available supplies.
Key Highlights
· Weekly imports climbed to their highest level in more than four years following the simultaneous arrival of cargoes from Europe, the US and China.
· Four-week imports reached their second-highest level since October.
· Weekly exports rebounded to a three-week high, but four-week shipments remained well below average levels seen before May.
· Even if exports hold at the latest week's pace through the rest of July, monthly shipments would still be below average levels during the year to April.
Market Repercussions
Singapore continued to receive strong imports, freeing up more domestic supply for shipment to overseas markets. Exports instead remained unusually weak.
The combination pointed to production remaining below normal levels, leaving imports to cover a larger share of domestic requirements and limit an even steeper drop in exports.
The weak exports coincided with a slowdown in Taiwan shipments in early July, with typhoon-related loading disruptions adding further pressure.
Lower supplies from Singapore and Taiwan, together with the ongoing slump in premium-grade flows from the Middle East, were likely to offset the seasonal slowdown in regional demand and limit any recovery in surplus supply.
