Global base oils supply stayed unusually low in July even as it recovered from a three-year low the previous month.Base oils supply in the Americas, Europe and Asia markets combined rose to more than 2.0mn t in July, up from less than 1.80mn t the previous month.Supply still fell by 5pc and for a fifth month in six from year-earlier levels.Including supply from China and the Mideast Gulf, supply of around 2.55mn t in July rose from less than 2.45mn t the previous month.The volume fell by an even steeper 8pc from year-earlier levels.Total supply of more than 18.40mn t in the first seven months of the year fell by 3pc from more than 19mn t during the same period last year and from more than 20.4mn t during the same period in 2021.The rise in global supply in July contrasted with a fall in lube demand, triggering a rise in surplus supply.Global base oils prices faced growing pressure relative to feedstock and diesel prices in July, ICIS data showed..Americas’ July base oils supply rises.Europe’s July base oils supply rises
