Global base oils exports to the Mideast Gulf fell to a four-month low in October as a dip in shipments from Asia countered a pick-up in supplies from the US.Total exports to the UAE and Saudi Arabia combined fell to around 30,000t in October, down from more than 38,000t the previous month, government data showed.Even with the slowdown, total exports of 414,000t in the first ten months of the year rose by more than 40pc from less than 293,000t during the same period last year.Most of the increase reflected a surge in shipments from Asia.The rise in shipments highlighted the growing importance of the Mideast Gulf as a key outlet for surplus supplies from Asia.The trend changed in October with exports from Asia falling to less than 15,000t, down from typical levels of more than 25,000 t/month in the first nine months of the year.Exports fell amid a pause in Group I base oils shipments from Thailand to the region.Tighter Group I supply in Asia raised the prospect of a further slowdown in such flows over the coming months.Exports from the US to the Mideast Gulf rebounded in October to a six-month high of more than 4,000t.The rise in supplies from the US coincided with a more feasible arbitrage to move surplus supplies to markets like Mideast Gulf and India.Those flows showed signs of extending into November and December as US refiners sought to limit a build-up of surplus supplies in their domestic market at the end of the year..Thailand’s Oct base oils exports fall.US’ October base oils exports fall
Global base oils exports to the Mideast Gulf fell to a four-month low in October as a dip in shipments from Asia countered a pick-up in supplies from the US.Total exports to the UAE and Saudi Arabia combined fell to around 30,000t in October, down from more than 38,000t the previous month, government data showed.Even with the slowdown, total exports of 414,000t in the first ten months of the year rose by more than 40pc from less than 293,000t during the same period last year.Most of the increase reflected a surge in shipments from Asia.The rise in shipments highlighted the growing importance of the Mideast Gulf as a key outlet for surplus supplies from Asia.The trend changed in October with exports from Asia falling to less than 15,000t, down from typical levels of more than 25,000 t/month in the first nine months of the year.Exports fell amid a pause in Group I base oils shipments from Thailand to the region.Tighter Group I supply in Asia raised the prospect of a further slowdown in such flows over the coming months.Exports from the US to the Mideast Gulf rebounded in October to a six-month high of more than 4,000t.The rise in supplies from the US coincided with a more feasible arbitrage to move surplus supplies to markets like Mideast Gulf and India.Those flows showed signs of extending into November and December as US refiners sought to limit a build-up of surplus supplies in their domestic market at the end of the year..Thailand’s Oct base oils exports fall.US’ October base oils exports fall
