Singapore’s base oils exports rose to a six-month high in February amid a steady pick-up in shipments to China.The rise in shipments to China extended into and gathered pace in March, pointing to an ongoing recovery in the country’s demand.The sustainability of China’s demand for overseas supplies was less certain once the country’s own base oils production revives from unusually low levels.Access to growing volumes of low-priced crude oil of Russian origin could increase domestic refiners’ incentive to raise their production levels.Singapore’s rising exports to China in March suggested any such rise in domestic supply had yet to materialize.Singapore’s total base oils exports of more than 164,600t in February rose from less than 162,500t the previous month, government data showed. The volume was the highest since last August..The volume was well below typical levels of more than 263,000 t/month in 2019, before the Covid-19 pandemic began.It was well above average levels of little more than 137,000 t/month during the fourth quarter of last year.The rise in exports so far this year followed the scrapping of China’s zero-Covid policy at end-2022 and coincided with a seasonal pick-up in demand throughout the Asia-Pacific region.Firmer base oils prices relative to crude and diesel added to the attraction of producing and exporting more supplies.Singapore’s base oils exports of almost 42,000t to China in February rose from less than 39,000t in January to an eleven-month high.The volume still fell from year-earlier levels for the twenty-first time in twenty-two months.The sustained slowdown reflected the relative weakness of China’s current demand. It also reflected the impact of China’s slowdown in requirements for overseas supplies as its own domestic capacity rose in recent years.A surge in Singapore’s base oils exports to China in March raised the prospect of shipments exceeding year-earlier levels for the first time in a year. It also pointed to a pick-up in the pace of China’s recovery..China’s February base oils imports rise
Singapore’s base oils exports rose to a six-month high in February amid a steady pick-up in shipments to China.The rise in shipments to China extended into and gathered pace in March, pointing to an ongoing recovery in the country’s demand.The sustainability of China’s demand for overseas supplies was less certain once the country’s own base oils production revives from unusually low levels.Access to growing volumes of low-priced crude oil of Russian origin could increase domestic refiners’ incentive to raise their production levels.Singapore’s rising exports to China in March suggested any such rise in domestic supply had yet to materialize.Singapore’s total base oils exports of more than 164,600t in February rose from less than 162,500t the previous month, government data showed. The volume was the highest since last August..The volume was well below typical levels of more than 263,000 t/month in 2019, before the Covid-19 pandemic began.It was well above average levels of little more than 137,000 t/month during the fourth quarter of last year.The rise in exports so far this year followed the scrapping of China’s zero-Covid policy at end-2022 and coincided with a seasonal pick-up in demand throughout the Asia-Pacific region.Firmer base oils prices relative to crude and diesel added to the attraction of producing and exporting more supplies.Singapore’s base oils exports of almost 42,000t to China in February rose from less than 39,000t in January to an eleven-month high.The volume still fell from year-earlier levels for the twenty-first time in twenty-two months.The sustained slowdown reflected the relative weakness of China’s current demand. It also reflected the impact of China’s slowdown in requirements for overseas supplies as its own domestic capacity rose in recent years.A surge in Singapore’s base oils exports to China in March raised the prospect of shipments exceeding year-earlier levels for the first time in a year. It also pointed to a pick-up in the pace of China’s recovery..China’s February base oils imports rise
