Asia’s base oils exports stayed lower than usual in December as lower surplus supply curbed pressure on refiners to boost shipments at year-end.The region’s base oils prices often face pressure at the end of the year as weak demand coincides with refiners’ moves to boost shipments and trim inventories.The lower exports throughout the fourth quarter of last year instead cushioned the impact of weaker demand, curbing the pressure on prices.Asia’s Group I base oils prices especially held firm versus regional gasoil prices late last year and early this year, reflecting the product’s tight supply fundamentals and lower exports.Asia’s total base oils exports of more than 615,000t in December rose from close to 570,000t the previous month, government data showed.They remained down from typical levels of around 655,000 t/month in 2023.Exports rose in December because of a strong recovery in shipments in South Korea. The higher volumes countered a slump in exports from southeast Asia to a one-year low.Asia’s total exports of around 3.73mn t in second-half 2023 fell from 3.95mn t during the same period a year earlier.Exports fell because of maintenance work and a plant closure during that period. Refiners’ more balanced stocks also curbed their need to clear any large surplus volumes.Asia’s base oils prices rebounded strongly relative to gasoil prices in the fourth quarter of last year, ICIS data showed.The rising values reflected the region’s firmer supply-demand fundamentals..S Korea's Dec base oils exports rise.Spore’s Dec base oil exports, imports fall
Asia’s base oils exports stayed lower than usual in December as lower surplus supply curbed pressure on refiners to boost shipments at year-end.The region’s base oils prices often face pressure at the end of the year as weak demand coincides with refiners’ moves to boost shipments and trim inventories.The lower exports throughout the fourth quarter of last year instead cushioned the impact of weaker demand, curbing the pressure on prices.Asia’s Group I base oils prices especially held firm versus regional gasoil prices late last year and early this year, reflecting the product’s tight supply fundamentals and lower exports.Asia’s total base oils exports of more than 615,000t in December rose from close to 570,000t the previous month, government data showed.They remained down from typical levels of around 655,000 t/month in 2023.Exports rose in December because of a strong recovery in shipments in South Korea. The higher volumes countered a slump in exports from southeast Asia to a one-year low.Asia’s total exports of around 3.73mn t in second-half 2023 fell from 3.95mn t during the same period a year earlier.Exports fell because of maintenance work and a plant closure during that period. Refiners’ more balanced stocks also curbed their need to clear any large surplus volumes.Asia’s base oils prices rebounded strongly relative to gasoil prices in the fourth quarter of last year, ICIS data showed.The rising values reflected the region’s firmer supply-demand fundamentals..S Korea's Dec base oils exports rise.Spore’s Dec base oil exports, imports fall