Europe’s Group III base oils supply held steady at lower levels in August for a third month as a surge in supplies from the Mideast Gulf countered a dip in supplies from Spain and Asia.Base oils supply of less than 140,000t in August was similar to the previous two months, government and port data showed.Supply was down from more than 160,000 t/month in the three months to June.The lower volumes cut total Group III base oils supply to 1.22mn t in the first eight months of the year, versus around 1.17mn t during the same period last year.Europe’s Group III base oils prices extended their slide versus diesel and versus Group I and Group II prices during the third quarter of the year even with the lower supply, ICIS data showed.Shipments from the Mideast Gulf accounted for more than half of Europe’s Group III supply in August. The share was up from less than 10pc the previous month.Supplies from Asia accounted for around 5pc of the August total, down from more than 15pc in June and July..Europe's Grp III imports from Mideast Gulf rise
Europe’s Group III base oils supply held steady at lower levels in August for a third month as a surge in supplies from the Mideast Gulf countered a dip in supplies from Spain and Asia.Base oils supply of less than 140,000t in August was similar to the previous two months, government and port data showed.Supply was down from more than 160,000 t/month in the three months to June.The lower volumes cut total Group III base oils supply to 1.22mn t in the first eight months of the year, versus around 1.17mn t during the same period last year.Europe’s Group III base oils prices extended their slide versus diesel and versus Group I and Group II prices during the third quarter of the year even with the lower supply, ICIS data showed.Shipments from the Mideast Gulf accounted for more than half of Europe’s Group III supply in August. The share was up from less than 10pc the previous month.Supplies from Asia accounted for around 5pc of the August total, down from more than 15pc in June and July..Europe's Grp III imports from Mideast Gulf rise