SK Lubricants’ US base oils imports rise

SK Lubricants Americas was the US’ largest base oils importer in July for the first time in three months amid a rebound in shipments from South Korea.

SK Lubricants Americas boosted its share of US imports to more than 25pc of the total in July, EIA data showed.

The share was up from less than 12pc in June and the highest in five months.

Its share of imports rose even as US base oils imports climbed in July to an 11-month high. Most of the US imports consisted of Group III base oils.

US imports and SK Lubricants Americas’ share of those supplies got a boost from a rise in shipments from South Korea in July to their highest in five months.

A surge in supplies from Indonesia to a nine-month high added to those volumes.

South Korea’s total base oils exports have fallen so far this year mostly because of unexpectedly weak Chinese demand.

The rise in US imports from South Korea this year reflected its healthy economic growth, strong lube demand and high Group III prices relative to other markets.

Pennzoil Quaker State was the US’ second-largest base oils importer in July.

Its share of the total fell back below 21pc, from more than 25pc in June. The blender had been the US’ largest base oils importer during each of the previous two months.

Its share of imports fell even as its supplies from Qatar edged up in July from the previous month.

Penthol was the US’ third-largest base oils importer with a share of more than 16pc of the total.

The exclusive distributor of Adnoc’s Group III base oils in the US had been the country’s second-largest importer in June.

Its share of base oils imports fell even as its total volume of those supplies rose in July as shipments from the UAE climbed to a record high.