Europe’s Group III base oils supply rose in May even as maintenance work began at a key plant in the region.Supplies of almost 150,000t in May rose from less than 125,000t the previous month, government and port data showed.Supplies of around 737,000t in the first five months of the year were up 15pc from 641,000t during the same period last year.A rebound in premium-grade base oils imports from the Mideast Gulf in May more than countered a fall in shipments from Spain to the lowest in almost two years.Supplies from Asia-Pacific also rose.Europe’s prices for Group III base oils with some or no approvals fell steadily throughout the second quarter of the year to their lowest in more than two years.Prices for Group III base oils with approvals were steadier, but also faced downward pressure in recent weeks.Spain is a key source of Group III base oils with approvals..Europe’s May premium-grade imports from Mideast Gulf rise
Europe’s Group III base oils supply rose in May even as maintenance work began at a key plant in the region.Supplies of almost 150,000t in May rose from less than 125,000t the previous month, government and port data showed.Supplies of around 737,000t in the first five months of the year were up 15pc from 641,000t during the same period last year.A rebound in premium-grade base oils imports from the Mideast Gulf in May more than countered a fall in shipments from Spain to the lowest in almost two years.Supplies from Asia-Pacific also rose.Europe’s prices for Group III base oils with some or no approvals fell steadily throughout the second quarter of the year to their lowest in more than two years.Prices for Group III base oils with approvals were steadier, but also faced downward pressure in recent weeks.Spain is a key source of Group III base oils with approvals..Europe’s May premium-grade imports from Mideast Gulf rise