Base oils supply in the Americas, Europe and Asia markets fell to a five-month low in November amid a sharp dip in output in Europe.Demand fell even more steeply because of a slump in consumption in the US.The different locations of the drop in supply and slide in demand left the US market especially with a swathe of surplus volumes. It cleared the supplies through a surge in shipments to overseas markets.The trend showed signs of extending into the start of this year.Base oils supply in the Americas, Europe and Asia markets held at more than 1.80mn t in November, government and industry data showed.The volume fell from close to 1.90mn t the previous month and from close to or more than 2.0mn t during the third quarter of last year.Relatively steady supply in the Americas and Asia in November contrasted with a sharp drop in output in Europe.Including China and supplies from the Mideast Gulf, total supply of close to 2.60mn t in November was similar to the previous month.Steady supply in Asia coincided with balanced demand in November. The region’s exports were also lower than usual in November.Lower supply in Europe contrasted with a smaller drop in demand. The region’s base oils exports were also lower than usual in November.Steady supply in the Americas market contrasted with lower demand mostly because of a slump in consumption in the US.The disconnect left the US with a large supply overhang and a subsequent surge in exports in November and December..Americas’ Nov base oils supply holds steady.Europe Nov base oil supply lags demand.Asia’s Nov base oils supply holds steady
Base oils supply in the Americas, Europe and Asia markets fell to a five-month low in November amid a sharp dip in output in Europe.Demand fell even more steeply because of a slump in consumption in the US.The different locations of the drop in supply and slide in demand left the US market especially with a swathe of surplus volumes. It cleared the supplies through a surge in shipments to overseas markets.The trend showed signs of extending into the start of this year.Base oils supply in the Americas, Europe and Asia markets held at more than 1.80mn t in November, government and industry data showed.The volume fell from close to 1.90mn t the previous month and from close to or more than 2.0mn t during the third quarter of last year.Relatively steady supply in the Americas and Asia in November contrasted with a sharp drop in output in Europe.Including China and supplies from the Mideast Gulf, total supply of close to 2.60mn t in November was similar to the previous month.Steady supply in Asia coincided with balanced demand in November. The region’s exports were also lower than usual in November.Lower supply in Europe contrasted with a smaller drop in demand. The region’s base oils exports were also lower than usual in November.Steady supply in the Americas market contrasted with lower demand mostly because of a slump in consumption in the US.The disconnect left the US with a large supply overhang and a subsequent surge in exports in November and December..Americas’ Nov base oils supply holds steady.Europe Nov base oil supply lags demand.Asia’s Nov base oils supply holds steady
