The UK’s base oils surplus of supply over demand widened further in May to its highest in more than five years, raising the prospect of an adjustment to bring fundamentals back into balance.Total base oils supply, or domestic output and imports, rose in May to a thirty-one month high of more than 77,000t.Base oils demand, or domestic consumption and exports, rose to more than 52,000t in May, from 42,000t the previous month.The surplus of supply over demand widened to around 25,000t, up from 17,200t the previous month.The April volume had already been the highest since end-2020.The surplus of more than 42,000t in April and May combined was more than double the size of the supply-build during the fourth quarter of last year and the beginning of this year..UK’s May base oils supply rises
