Europe’s Group I base oils supply fell to a three-month low in May amid a dip in domestic output and a slump in imports from Russia.The region’s Group I supplies combined with imports from Russia fell to less than 170,000t in May, government data showed.The volume fell from around 203,000t the previous month and for the first time in three months from year-earlier levels.Total supply of around 887,000t in the first five months of the year remained up from close to 870,000t during the same period last year.Supply held firm even as imports from Russia fell by 90,000t during that period from year-earlier levels.The steady supply instead reflected a rise in regional base oils output.Support from regional output likely waned over the following months, raising the prospect of a further fall in Group I supplies..Europe’s May supply surplus vs demand falls
Europe’s Group I base oils supply fell to a three-month low in May amid a dip in domestic output and a slump in imports from Russia.The region’s Group I supplies combined with imports from Russia fell to less than 170,000t in May, government data showed.The volume fell from around 203,000t the previous month and for the first time in three months from year-earlier levels.Total supply of around 887,000t in the first five months of the year remained up from close to 870,000t during the same period last year.Supply held firm even as imports from Russia fell by 90,000t during that period from year-earlier levels.The steady supply instead reflected a rise in regional base oils output.Support from regional output likely waned over the following months, raising the prospect of a further fall in Group I supplies..Europe’s May supply surplus vs demand falls