Europe’s Group III base oils supply fell to a four-month low in April as a dip in shipments from South Korea and Bahrain outweighed higher volumes from Spain and Indonesia.Total base oils supply of more than 125,000 tonnes in April fell from around 140,000 tonnes the previous month, government data showed..The slowdown mostly reflected a fall in shipments from Asia to an eighteen-month low of less than 15,000 tonnes. The volume was down from more than 25,000 tonnes in each of the previous six months.The drop in Europe’s Group III supplies coincided with a seasonal rise in regional demand and a round of Group III plant-maintenance work in the Middle East and South Korea during the second quarter of the year.Both of those markets are key sources of Group III base oils for Europe.Signs of tighter supply-demand fundamentals coincided with a rise in Europe’s Group III base oils prices from the beginning of April, especially for supplies without the full set of OEM approvals.Group III base oils from Bahrain and South Korea include supplies without the full set of OEM approvals.Base oils imports of less than 3,000 tonnes in April from both those markets combined fell from typical levels of more than 25,000 tonnes/month to the lowest in more than six years.The supplies were likely to rise from that level over the following months.Exports from South Korea to Belgium and the Netherlands recovered to more typical levels of more than 14,000 tonnes in April and in May.The volumes rose from a lower-than-usual 7,500 tonnes in March.There were also signs of a pick-up in the arrival of shipments from Bahrain in May and June.The drop in supplies from South Korea and Bahrain in April contrasted with a rise in Group III base oils imports from Spain and Indonesia to a thirteen-month high of more than 52,000 tonnes.Those volumes showed signs of a subsequently slowdown in May and June, mostly because of a dip in shipments from Spain.Exports of premium-grade base oils from that market fell to a three-month low in May and remained even lower so far in June.Spain and Indonesia are two of the key sources of Group III base oils supplies with the full set of OEM approvals.The premium of Europe Group III (high) 4cSt base oils prices over Group III (low) 4cSt prices edged higher in recent weeks after narrowing in April and May.The Group III (high) 4cSt price is more reflective of supplies with the full set of OEM approvals..US’ April base oils imports hold firm.Europe’s March Group III base oils supply rises.Netherlands’ March base oils output stays lower.UK’s March base oils output rises
Europe’s Group III base oils supply fell to a four-month low in April as a dip in shipments from South Korea and Bahrain outweighed higher volumes from Spain and Indonesia.Total base oils supply of more than 125,000 tonnes in April fell from around 140,000 tonnes the previous month, government data showed..The slowdown mostly reflected a fall in shipments from Asia to an eighteen-month low of less than 15,000 tonnes. The volume was down from more than 25,000 tonnes in each of the previous six months.The drop in Europe’s Group III supplies coincided with a seasonal rise in regional demand and a round of Group III plant-maintenance work in the Middle East and South Korea during the second quarter of the year.Both of those markets are key sources of Group III base oils for Europe.Signs of tighter supply-demand fundamentals coincided with a rise in Europe’s Group III base oils prices from the beginning of April, especially for supplies without the full set of OEM approvals.Group III base oils from Bahrain and South Korea include supplies without the full set of OEM approvals.Base oils imports of less than 3,000 tonnes in April from both those markets combined fell from typical levels of more than 25,000 tonnes/month to the lowest in more than six years.The supplies were likely to rise from that level over the following months.Exports from South Korea to Belgium and the Netherlands recovered to more typical levels of more than 14,000 tonnes in April and in May.The volumes rose from a lower-than-usual 7,500 tonnes in March.There were also signs of a pick-up in the arrival of shipments from Bahrain in May and June.The drop in supplies from South Korea and Bahrain in April contrasted with a rise in Group III base oils imports from Spain and Indonesia to a thirteen-month high of more than 52,000 tonnes.Those volumes showed signs of a subsequently slowdown in May and June, mostly because of a dip in shipments from Spain.Exports of premium-grade base oils from that market fell to a three-month low in May and remained even lower so far in June.Spain and Indonesia are two of the key sources of Group III base oils supplies with the full set of OEM approvals.The premium of Europe Group III (high) 4cSt base oils prices over Group III (low) 4cSt prices edged higher in recent weeks after narrowing in April and May.The Group III (high) 4cSt price is more reflective of supplies with the full set of OEM approvals..US’ April base oils imports hold firm.Europe’s March Group III base oils supply rises.Netherlands’ March base oils output stays lower.UK’s March base oils output rises
