The Netherlands’ base oils output stayed lower than usual in April for a third month.The low volume suggested that a resumption of normal production following scheduled refinery maintenance work in the country began later in the month of April.Base oils and lube output came to 10,000 tonnes in April, government data showed.The volume rose from 1,000 tonnes the previous month, when the country’s sole Group II base oils unit was offline for maintenance work.The low output contrasted with typical production levels of more than 85,000 tonnes/month in 2023.The sustained drop in output boosted the country’s reliance on imports to cover requirements, especially of Group II base oils.The Netherlands’ base oils imports duly rose in April to a twenty-one month high.The rise in imports lifted the country’s total supply in April to a one-year high of 310,000 tonnes.Imports accounted for more than 96% of supply for a second month, up from typical levels of around 70% of the total in 2023.An unusually large portion of the imports in April originating from outside Europe.A large portion of those supplies in turn consisted of shipments from countries that produce Group III base oils.The trend extended for a third month Europe’s tighter-than-usual supply of Group II base oils.Europe’s Group II base oils prices stayed relatively weak even with the tighter supply.Prices extended a gradual slide versus feedstock prices in early April, and weakened relative to regional Group I prices and to US Group II prices throughout the second quarter.The lack of price support from tighter supply in April suggested that demand remained lower than usual, and that buyers were confident that they could still secure sufficient volumes to meet demand.The muted price reaction through the rest of the second quarter pointed to an improvement in supply that was more than sufficient to cover any seasonal pick-up in demand..Italy’s April base oils output rises.US’ April base oils exports to Europe rise.Netherlands’ March base oils output slumps
The Netherlands’ base oils output stayed lower than usual in April for a third month.The low volume suggested that a resumption of normal production following scheduled refinery maintenance work in the country began later in the month of April.Base oils and lube output came to 10,000 tonnes in April, government data showed.The volume rose from 1,000 tonnes the previous month, when the country’s sole Group II base oils unit was offline for maintenance work.The low output contrasted with typical production levels of more than 85,000 tonnes/month in 2023.The sustained drop in output boosted the country’s reliance on imports to cover requirements, especially of Group II base oils.The Netherlands’ base oils imports duly rose in April to a twenty-one month high.The rise in imports lifted the country’s total supply in April to a one-year high of 310,000 tonnes.Imports accounted for more than 96% of supply for a second month, up from typical levels of around 70% of the total in 2023.An unusually large portion of the imports in April originating from outside Europe.A large portion of those supplies in turn consisted of shipments from countries that produce Group III base oils.The trend extended for a third month Europe’s tighter-than-usual supply of Group II base oils.Europe’s Group II base oils prices stayed relatively weak even with the tighter supply.Prices extended a gradual slide versus feedstock prices in early April, and weakened relative to regional Group I prices and to US Group II prices throughout the second quarter.The lack of price support from tighter supply in April suggested that demand remained lower than usual, and that buyers were confident that they could still secure sufficient volumes to meet demand.The muted price reaction through the rest of the second quarter pointed to an improvement in supply that was more than sufficient to cover any seasonal pick-up in demand..Italy’s April base oils output rises.US’ April base oils exports to Europe rise.Netherlands’ March base oils output slumps