Singapore’s base oils exports unexpectedly dipped in February at a time of year when they usually rise.The drop in exports added to a slowdown in shipments from Taiwan and South Korea in February ahead of a seasonal pick-up in demand in Asia at the end of the first quarter.Singapore’s base oils exports of 147,400t in February fell from close to 165,000t the previous month, government data showed.The volume was down from typical levels of close to 167,000 t/month in 2023 and the second lowest since last April.The last time that exports fell in the month of February from the previous month was in 2018.A more typical rise in exports in the month of February usually coincides with and helps to cover a seasonal rise in the region’s lube consumption in the month of March.The drop in shipments in February instead added to the prospect of a slowdown in base oils exports in the Asia-Pacific region that month.Asia’s firm base oils prices so far this year reflected the region's tighter supply-demand fundamentals, ICIS data showed.The firm prices made less feasible the arbitrage to the Americas and Europe and instead boosted the attraction of moving supplies from Europe to the region.The drop in Singapore’s exports mostly affected shipments to Indonesia, whose imports surged in January.Exports to China stayed rangebound for a fifth month, while shipments to India rose to a four-month high.The pick-up in flows to India coincided with signs of tighter-than-expected availability in that market and a subsequent rise in CFR India base oils prices in recent weeks.Singapore’s base oils exports stayed lower than usual early this month before recovering from the second week of March.Lower exports contrasted with a recovery in Singapore’s base oils imports in February, mostly because of a surge in shipments of premium-grade base oils from Qatar.There was also a pick-up in shipments of US origin to a four-month high. An even larger volume of supplies from the US arrived in the month of March.Imports of Group I base oils stayed low from regional suppliers like Japan and China in February, although one large cargo arrived from Russia and another shipment arrived from Greece..Taiwan’s Feb base oils exports fall.S Korea’s February base oils exports fall
Singapore’s base oils exports unexpectedly dipped in February at a time of year when they usually rise.The drop in exports added to a slowdown in shipments from Taiwan and South Korea in February ahead of a seasonal pick-up in demand in Asia at the end of the first quarter.Singapore’s base oils exports of 147,400t in February fell from close to 165,000t the previous month, government data showed.The volume was down from typical levels of close to 167,000 t/month in 2023 and the second lowest since last April.The last time that exports fell in the month of February from the previous month was in 2018.A more typical rise in exports in the month of February usually coincides with and helps to cover a seasonal rise in the region’s lube consumption in the month of March.The drop in shipments in February instead added to the prospect of a slowdown in base oils exports in the Asia-Pacific region that month.Asia’s firm base oils prices so far this year reflected the region's tighter supply-demand fundamentals, ICIS data showed.The firm prices made less feasible the arbitrage to the Americas and Europe and instead boosted the attraction of moving supplies from Europe to the region.The drop in Singapore’s exports mostly affected shipments to Indonesia, whose imports surged in January.Exports to China stayed rangebound for a fifth month, while shipments to India rose to a four-month high.The pick-up in flows to India coincided with signs of tighter-than-expected availability in that market and a subsequent rise in CFR India base oils prices in recent weeks.Singapore’s base oils exports stayed lower than usual early this month before recovering from the second week of March.Lower exports contrasted with a recovery in Singapore’s base oils imports in February, mostly because of a surge in shipments of premium-grade base oils from Qatar.There was also a pick-up in shipments of US origin to a four-month high. An even larger volume of supplies from the US arrived in the month of March.Imports of Group I base oils stayed low from regional suppliers like Japan and China in February, although one large cargo arrived from Russia and another shipment arrived from Greece..Taiwan’s Feb base oils exports fall.S Korea’s February base oils exports fall
