Europe’s base oils supply from the US and Netherlands recovered in June to the second-highest level in ten months ahead of a seasonal slowdown in demand during the third quarter.Supply of more than 185,000t in June from the US and Netherlands combined rose from less than 130,000t the previous month, government data showed.The higher volumes lifted total supply to close to 898,000t in the first half of the year, up 7pc from around 841,000t during the same period last year.But supply showed signs of falling sharply in July. The US and the Netherlands are the key sources of Group II supplies for the European market.Europe remained an attractive outlet for shipments from the US in view of the region’s high Group II base oils prices relative to other regions.Europe’s base oils prices reflected the more plentiful availability of Group II base oils.The premium of Europe Group II light-grade base oil prices over Group I prices fell in June to its narrowest level in eight months, ICIS data showed..Netherlands’ June supply stays rangebound
Europe’s base oils supply from the US and Netherlands recovered in June to the second-highest level in ten months ahead of a seasonal slowdown in demand during the third quarter.Supply of more than 185,000t in June from the US and Netherlands combined rose from less than 130,000t the previous month, government data showed.The higher volumes lifted total supply to close to 898,000t in the first half of the year, up 7pc from around 841,000t during the same period last year.But supply showed signs of falling sharply in July. The US and the Netherlands are the key sources of Group II supplies for the European market.Europe remained an attractive outlet for shipments from the US in view of the region’s high Group II base oils prices relative to other regions.Europe’s base oils prices reflected the more plentiful availability of Group II base oils.The premium of Europe Group II light-grade base oil prices over Group I prices fell in June to its narrowest level in eight months, ICIS data showed..Netherlands’ June supply stays rangebound