Asia’s lube demand fell in February for the first time in four months amid a dip in consumption everywhere from South Korea to India.The slowdown coincided with and eased the impact of a sharp drop in the region’s base oils output and exports during the month of February.Asia’s surplus of supply over demand still fell sharply.The tighter supply curbed blenders’ ability to build up inventories ahead of a seasonal pick-up in lube consumption in the month of March.The dynamic raised the prospect of blenders ending the first quarter of the year with lower inventories of lubricants and base oils feedstock supplies and the need to replenish those stocks.At the same time, a seasonal slowdown in demand at the start of the second quarter of the year curbed blenders’ urgency to replenish their inventories.Higher base oils prices and signs of improving availability of supply added to the attraction of maintaining lower stocks and procuring on a need-to basis. Asia’s lube demand of less than 730,000 tonnes in February fell from more than 760,000 tonnes the previous month and by 7% from year-earlier levels, government and industry data showed.The volume excluded China.Consumption in southeast Asia rose in the first two months of the year from year-earlier levels even as it dipped in February.Demand similarly rose in northeast Asia in the first two months of the year, even with growth slowing sharply in February.The trends suggested that the timing of the lunar new year holidays, which fell in February this year, may have impacted typical demand patterns in the first two months of the year.The slowdown in lube demand still lagged the size of the drop in the region’s base oils supply in February.Asia’s lube demand fell by less than 40,000 tonnes in February from the previous month.The region’s base oils supply fell by more than 100,000 tonnes in February from the previous month.The surplus of supply over demand fell in response to around 90,000 tonnes in February, down from more than 150,000 tonnes the previous month.The volume was the lowest in seven months. .Asia’s February base oils supply falls
Asia’s lube demand fell in February for the first time in four months amid a dip in consumption everywhere from South Korea to India.The slowdown coincided with and eased the impact of a sharp drop in the region’s base oils output and exports during the month of February.Asia’s surplus of supply over demand still fell sharply.The tighter supply curbed blenders’ ability to build up inventories ahead of a seasonal pick-up in lube consumption in the month of March.The dynamic raised the prospect of blenders ending the first quarter of the year with lower inventories of lubricants and base oils feedstock supplies and the need to replenish those stocks.At the same time, a seasonal slowdown in demand at the start of the second quarter of the year curbed blenders’ urgency to replenish their inventories.Higher base oils prices and signs of improving availability of supply added to the attraction of maintaining lower stocks and procuring on a need-to basis. Asia’s lube demand of less than 730,000 tonnes in February fell from more than 760,000 tonnes the previous month and by 7% from year-earlier levels, government and industry data showed.The volume excluded China.Consumption in southeast Asia rose in the first two months of the year from year-earlier levels even as it dipped in February.Demand similarly rose in northeast Asia in the first two months of the year, even with growth slowing sharply in February.The trends suggested that the timing of the lunar new year holidays, which fell in February this year, may have impacted typical demand patterns in the first two months of the year.The slowdown in lube demand still lagged the size of the drop in the region’s base oils supply in February.Asia’s lube demand fell by less than 40,000 tonnes in February from the previous month.The region’s base oils supply fell by more than 100,000 tonnes in February from the previous month.The surplus of supply over demand fell in response to around 90,000 tonnes in February, down from more than 150,000 tonnes the previous month.The volume was the lowest in seven months. .Asia’s February base oils supply falls