· Strong diesel price, tight supply continue to incentivize refiners to produce more of the motor fuel.· Tight feedstock supply compounds refiners’ challenge.· Prospect of EU sanctions on Russian crude/diesel would compound those dynamics.· Europe base oil supply stays lower than usual, even without loss of Russian shipments..· Ongoing/upcoming plant maintenance in Europe compounds supply tightness.· US supply stays lower than expected, even before sanctions on Russian feedstock supply came into effect.· Asia-Pacific supply had already been more balanced than US/Europe.· Completion of plant shutdowns in Asia-Pacific raise prospect of pick-up in additional supplies.· Singapore base oil exports holding steady in recent weeks, still well below pre-Covid 19 levels.· Spore exports to China slow sharply in recent weeks.· Spore exports to India rise in recent weeks.· Spore exports to less regular outlets like Malta and UAE rise in recent weeks.· Spore sees sharp drop in supplies from Japan for second week.· Spore takes delivery in early May of first shipment from Thailand in more than two months.· Spore takes delivery in early May of cargo from Saudi Arabia – these shipments are increasingly regular.· Cargo loadings from Taiwan gather pace since start of May.· Cargo reaching Lagos in early May, originating from Svetly. Flows from Baltic region to West Africa likely to slow.· Slowdown in cargo arrivals to India over coming week..Global base oils – week May 9: Demand
