Spain’s July base oils supply rises

Spain’s base oils supply rose to a four-month high in July as a rebound in premium-grade shipments outweighed lower-than-usual output of Group I base oils.

Total supply of more than 96,000t in July almost doubled from close to 48,000t the previous month, government and port data showed.

The rise in premium-grade supplies helped to counter the impact of a slowdown in Group III base oils shipments from the Mideast Gulf to Europe.

Output of Group I base oils stayed below 24,000t in July for a second month. Output stayed low even as Spain’s total refined-products output rose to a six-month high in July.

The lower-than-usual output coincided with a slump in Italy’s Group I base oils output in June and July.