South Korea’s base oils exports to the US fell in February to the second-lowest level in three years even with US Group III prices maintaining a steep premium to prices in Europe.South Korea’s exports to Europe by contrast rose in February to a ten-month high.Base oils exports of around 30,000t to the US in February fell from more than 52,000t in January, government data showed.The volume was the lowest since November and second lowest since February 2021.Exports to the US fell even with Group III base oils prices mostly maintaining a premium of more than $100/t to Europe Group III prices since the fourth quarter of last year, ICIS data showed.The lower volumes in January and February coincided with a rise in US Group III base oils imports from the Mideast Gulf at the start of this year.Several more large shipments from the UAE were set to reach the US in March and April.The rise in flows from the Mideast Gulf to the US contrasted with a slowdown in Europe’s imports of Group III base oils from the Mideast Gulf and especially from the UAE since late last year.The trend triggered a slump in Europe’s Group III base oils supplies to a three-year low in January. The slowdown boosted the attraction of moving more shipments to that market.South Korea’s base oils exports of more than 26,000t to Europe in February rose from an already-firm 23,000t in January to a ten-month high.Almost 21,000t of the volume was bound for the Netherlands and Belgium. The two countries are the key import hubs for Group III base oils from South Korea..S Korea’s February base oils exports fall.S Korea Feb base oil exports to UAE rise.Europe’s Jan Grp III base oils supply falls.Base Oil News stories and analysis also available on ICIS platform
