Global base oils - week of Aug 21: Cargo flows

·        Singapore takes delivery of another large cargo from China last week, boosting total supplies to close to 10,000t over past month.

·        Taiwan’s August base oils exports extend strong rise, far outpacing July volumes.

·        Shipments included larger-than-usual share of light grades.

·        Shipments include large cargo with combination of light and heavy grades set to reach India in coming week – cargo would be second to reach India in August.

·        Large July-loading cargo from South Korea set to reach US Gulf coast in coming week.

·        Cargoes from South Korea reaching US in August 2023 set to fall sharply from volume reaching US in July 2023.

·        Large cargo of premium grades from UAE reaches India in past week.

·        Large cargo of premium grades loads from UAE early this week; size of shipment suggests US the likely destination.

·        July-loading cargo of Group III base oils from Bahrain set to reach France in coming week.

·        July-loading cargo of Group III base oils from Bahrain set to reach US Gulf coast in coming week.

·        Large cargo from Saudi Arabia set to reach India by end-Aug; shipment would be second large cargo from Saudi Arabia to reach India in August.

·        Large cargo of very light grades from Spain set to reach India by end-August.

·        Large August-loading cargo from Spain heads for Netherlands - cargo is second such shipment to Netherlands in August.

·        Spain’s August exports of premium grades show signs of reverting to more typical levels, after lower volumes in May and June, followed by surge in shipments in July.

·        Larger-than-usual flow of US shipments to Argentina this year extends through August, with large cargo set to arrive in early September.

·        Cargo of US origin set to reach India by end-August, following arrival of more arbitrage supplies from US earlier in the month.