The surplus of global base oils supply over lube demand rebounded in March amid a weaker-than-usual seasonal pick-up in consumption.The surplus of supply over demand rose to close to 600,000t in March, from an eleven-month low of around 200,000t in February.The rise in supply lifted the surplus to more than 1.4mn t in the first three months of the year, up from less than 900,000t during the same period last year.Global base oils prices surged in first-half 2022 on an outright basis and relative to crude and diesel.The rise in prices this year has been more muted, on an outright basis and relative to crude and diesel.The higher surplus early this year left a wave of supplies to clear in the second quarter through arbitrage shipments to other markets..Global lube demand stays weak in March.Contact us for more information about the data for these stories
