Asia’s lube demand fell in July for the first time in four months from year-earlier levels as a dip in consumption in India countered firm demand in southeast Asia.Lower demand contrasted with a rebound in Asia’s base oils supply to an eleven-month high in July and a subsequent surge in the region’s surplus of supply over demand.Asia’s lube consumption of more than 810,000 tonnes in July fell from more than 850,000 tonnes the previous month and by 3% from year-earlier levels, government data showed.The volume was still the second-highest for the month of July in at least five years and boosted Asia’s total lube consumption to close to 2.60 million tonnes in the three months to July.That volume was up more than 200,000 tonnes versus the same period a year earlier.Stronger demand in southeast Asia and India especially left the region with lower-than-usual surplus base oils supply in the second quarter of the year.It also likely cushioned the impact of a subsequent rise in base oils supply at the start of the third quarter of the year.Total supply of around 960,000 tonnes in July rebounded from less than 870,000 tonnes in June to an eleven-month high.The surplus of supply over demand duly rose to around 150,000 tonnes in July, up from less than 85,000 tonnes during the whole of the second quarter of the year.Asia’s base oils prices trended lower during the third quarter of the year relative to prices in markets like China and India.But they extended their already high premium to feedstock and gasoil prices during the same period.Asia’s base oils exports to southeast Asia also surged in July to the highest in more than six years.The price dynamics and trade flows pointed to demand fundamentals that were sufficient firm to absorb the rise in supply..Thailand’s July lube demand rises.Japan’s July base oils supply stays lower.India’s Aug lube demand holds firm.Pakistan July base oil supply holds firm
Asia’s lube demand fell in July for the first time in four months from year-earlier levels as a dip in consumption in India countered firm demand in southeast Asia.Lower demand contrasted with a rebound in Asia’s base oils supply to an eleven-month high in July and a subsequent surge in the region’s surplus of supply over demand.Asia’s lube consumption of more than 810,000 tonnes in July fell from more than 850,000 tonnes the previous month and by 3% from year-earlier levels, government data showed.The volume was still the second-highest for the month of July in at least five years and boosted Asia’s total lube consumption to close to 2.60 million tonnes in the three months to July.That volume was up more than 200,000 tonnes versus the same period a year earlier.Stronger demand in southeast Asia and India especially left the region with lower-than-usual surplus base oils supply in the second quarter of the year.It also likely cushioned the impact of a subsequent rise in base oils supply at the start of the third quarter of the year.Total supply of around 960,000 tonnes in July rebounded from less than 870,000 tonnes in June to an eleven-month high.The surplus of supply over demand duly rose to around 150,000 tonnes in July, up from less than 85,000 tonnes during the whole of the second quarter of the year.Asia’s base oils prices trended lower during the third quarter of the year relative to prices in markets like China and India.But they extended their already high premium to feedstock and gasoil prices during the same period.Asia’s base oils exports to southeast Asia also surged in July to the highest in more than six years.The price dynamics and trade flows pointed to demand fundamentals that were sufficient firm to absorb the rise in supply..Thailand’s July lube demand rises.Japan’s July base oils supply stays lower.India’s Aug lube demand holds firm.Pakistan July base oil supply holds firm
