Germany’s lubricants supply rose in February at a faster pace than demand, curbing blenders’ urgency to procure more base oils.
The country’s lube production and imports combined came to 158,610t in February, government data showed.
The volume rose from more than 137,000t in January to a three-month high.
The size of the increase far outpaced the pick-up in Germany’s lube demand in February.
The trend gave blenders the flexibility to delay any feedstock replenishment plans and to focus instead on working down existing inventories.
Lube supply still fell by 11pc from year-earlier levels. The last time lube supply rose was in May 2022.