UK’s April base oils exports fall

The UK’s base oils exports fell to a three-month low in April amid a slowdown in shipments to Africa.

The fall in shipments outpaced a dip in the country’s base oils imports amid signs of more balanced supply.

Europe’s firmer domestic base oils prices relative to export prices also boosted refiners’ incentive to focus on demand in domestic rather than overseas markets.

The UK’s base oils exports of 22,550t in April fell from close to 35,000t the previous month, government data showed.

The slowdown mostly reflected a slump in shipments to outlets like Africa.

Exports to Europe by contrast rose in April to a four-month high.

The UK’s base oils imports of 26,200t in April fell less steeply, from 30,860t the previous month. The slowdown mostly reflected a dip in supplies from Belgium.