Spain’s base oils supply rose to a nine-month high in December amid a recovery in supplies of both Group I and premium-grade base oils.The pick-up in volumes followed a sharp dip in Europe’s base oils supplies in October and November.The slowdown curbed a build-up of surplus supplies in the region during the fourth quarter of the year.The rise in Spain’s supplies in December raised the prospect of triggering an increase in Europe’s surplus supplies.The higher volumes coincided with a seasonal slowdown on lube consumption and base oils demand throughout the region during the winter months.But the size of the surplus carried into the start of this year showed signs of staying lower than at the start of the previous year.Europe’s domestic base oils prices reflected the relatively firmer supply-demand fundamentals, ICIS data showed.Europe’s domestic Group I base oils prices held firm versus competing and feedstock prices during the fourth quarter of last year and the first few weeks of this year.The firm price levels contrasted with a slump in Europe’s base oil price premium to gasoil and VGO during the fourth quarter of 2022 and the first few weeks of 2023.Spain’s total base oils supply of around 90,000t in December rose from close to 50,000t the previous month, government and port data showed.Supply rose amid a pick-up in flows of Group III base oils to a five-month high.Output of Group I base oils also rose in December to an eleven-month high.The pick-up in Group I base oils production in December coincided with a recovery in supplies of the product throughout the Mediterranean region..Europe’s Nov Grp I base oils supply falls.Italy’s December base oils output rises
Spain’s base oils supply rose to a nine-month high in December amid a recovery in supplies of both Group I and premium-grade base oils.The pick-up in volumes followed a sharp dip in Europe’s base oils supplies in October and November.The slowdown curbed a build-up of surplus supplies in the region during the fourth quarter of the year.The rise in Spain’s supplies in December raised the prospect of triggering an increase in Europe’s surplus supplies.The higher volumes coincided with a seasonal slowdown on lube consumption and base oils demand throughout the region during the winter months.But the size of the surplus carried into the start of this year showed signs of staying lower than at the start of the previous year.Europe’s domestic base oils prices reflected the relatively firmer supply-demand fundamentals, ICIS data showed.Europe’s domestic Group I base oils prices held firm versus competing and feedstock prices during the fourth quarter of last year and the first few weeks of this year.The firm price levels contrasted with a slump in Europe’s base oil price premium to gasoil and VGO during the fourth quarter of 2022 and the first few weeks of 2023.Spain’s total base oils supply of around 90,000t in December rose from close to 50,000t the previous month, government and port data showed.Supply rose amid a pick-up in flows of Group III base oils to a five-month high.Output of Group I base oils also rose in December to an eleven-month high.The pick-up in Group I base oils production in December coincided with a recovery in supplies of the product throughout the Mediterranean region..Europe’s Nov Grp I base oils supply falls.Italy’s December base oils output rises
