Singapore’s March base oil exports rise

Singapore’s base oil exports rose in March to their second-highest level in the past 19 months amid a pick-up in shipments to China.

Total exports of 185,110t in March rose by 11pc from 166,760t in February to a six-month high, according to Enterprise Singapore.

Exports of 508,310t in the first three months of the year were up from 453,570t during the last three months of last year and the highest quarterly volume since the beginning of 2020.

But they remained fall below quarterly volumes of more than 750,000t throughout 2019.

The shortfall reflected how Singapore’s base oils production and exports have yet to return to more typical levels before the outbreak of the Covid-19 virus. It also reflected the latent capacity that remained available.

The pick-up in volumes from Singapore so far this year coincided with and eased the impact of a slowdown in shipments from South Korea during the same period.

The trend also contrasted with tighter supply in Europe caused by a combination of plant maintenance work, plant closures last year and a slowdown in shipments from Russia.

Recent base oil price trends have reflected that contrast.

Asia-Pacific base oil prices have risen in recent months. Prices in Europe have risen even faster to levels that have started to attract supplies from Asia-Pacific.