Europe’s base oils supply fell in June to the lowest in more than four years amid a slump in Group I base oils output.Base oils supply fell to less than 290,000t in June, from an already-low volume of less than 335,000t in May, government data showed.The drop in supply contrasted with a surge in regional base oils output to more than 410,000 t/month in March and April.Europe’s base oils prices reflected the tighter supply fundamentals during the second quarter, ICIS data showed.Group I and Group II prices held firm even as feedstock and diesel prices fell during that period. Base oils margins rose strongly in response. Outright base oils prices and their premium to feedstock and diesel prices remained much lower than during the second quarter of 2022, when supply was even tighter and demand stronger..Europe’s June Group I supply falls
Europe’s base oils supply fell in June to the lowest in more than four years amid a slump in Group I base oils output.Base oils supply fell to less than 290,000t in June, from an already-low volume of less than 335,000t in May, government data showed.The drop in supply contrasted with a surge in regional base oils output to more than 410,000 t/month in March and April.Europe’s base oils prices reflected the tighter supply fundamentals during the second quarter, ICIS data showed.Group I and Group II prices held firm even as feedstock and diesel prices fell during that period. Base oils margins rose strongly in response. Outright base oils prices and their premium to feedstock and diesel prices remained much lower than during the second quarter of 2022, when supply was even tighter and demand stronger..Europe’s June Group I supply falls