Europe’s Group I base oils exports to non-EU markets fell to an eleven-month low in June as steady demand and firm prices incentivized refiners to keep more supplies within the region.Base oils exports of 47,600 tonnes in June to markets outside Europe fell from more than 63,700 tonnes the previous month and by 39% from year-earlier levels, government data showed.The shipments originated from Greece, Hungary, Italy, Poland and UK.The drop in year-on-year shipments for a fifth month cut total exports to 385,200 tonnes in the first half of the year.The volume was down 24% from more than 500,000 tonnes during the same period last year.Exports fell as the closure of a Group I plant in Italy cut further Europe’s base oils production capacity.Regional Group I base oils prices also better kept pace with rising export prices in the second quarter of the year.The higher prices and steadier premium to export prices added to the incentive for refiners to keep more supplies within the regionThe slump in Group I base oils exports in June outpaced a 5% fall in Europe’s total base oils exports to non-EU markets that month.It also contrasted with relatively steady total export volumes in the first half of the year compared with year-earlier levels.The contrasting trends cut Group I base oils as a share of Europe’s exports to non-EU markets to less than 20% of the total in June and to less than 25% of the total in the first half of the year.The share was down from more than 30% of total exports during the same six-month period last year.The steady total export volume in the first half of the year curbed the urgency for overseas buyers to line up supplies from other sources.It also suggested that the buyers were instead procuring more supplies of premium-grade base oils from Europe.Such a move in turn trimmed the availability of premium-grade supplies for buyers in Europe..Europe June Grp III supply holds steady.US’ June base oils exports to Europe rise.Global base oils exports to Africa rise in June
Europe’s Group I base oils exports to non-EU markets fell to an eleven-month low in June as steady demand and firm prices incentivized refiners to keep more supplies within the region.Base oils exports of 47,600 tonnes in June to markets outside Europe fell from more than 63,700 tonnes the previous month and by 39% from year-earlier levels, government data showed.The shipments originated from Greece, Hungary, Italy, Poland and UK.The drop in year-on-year shipments for a fifth month cut total exports to 385,200 tonnes in the first half of the year.The volume was down 24% from more than 500,000 tonnes during the same period last year.Exports fell as the closure of a Group I plant in Italy cut further Europe’s base oils production capacity.Regional Group I base oils prices also better kept pace with rising export prices in the second quarter of the year.The higher prices and steadier premium to export prices added to the incentive for refiners to keep more supplies within the regionThe slump in Group I base oils exports in June outpaced a 5% fall in Europe’s total base oils exports to non-EU markets that month.It also contrasted with relatively steady total export volumes in the first half of the year compared with year-earlier levels.The contrasting trends cut Group I base oils as a share of Europe’s exports to non-EU markets to less than 20% of the total in June and to less than 25% of the total in the first half of the year.The share was down from more than 30% of total exports during the same six-month period last year.The steady total export volume in the first half of the year curbed the urgency for overseas buyers to line up supplies from other sources.It also suggested that the buyers were instead procuring more supplies of premium-grade base oils from Europe.Such a move in turn trimmed the availability of premium-grade supplies for buyers in Europe..Europe June Grp III supply holds steady.US’ June base oils exports to Europe rise.Global base oils exports to Africa rise in June
