Singapore’s base oils exports rose to a nine-month high in May, adding to a pick-up in shipments from other key suppliers in the Asia-Pacific market.The island-state’s total exports of 187,000 tonnes in May rose from 164,000 tonnes the previous month to the highest since last August, government data showed.The rise in shipments from markets like Singapore and South Korea coincided with signs of more muted demand in the key outlets of China and India.Rising supply and weaker demand raised the prospect of a pick-up in the region's surplus supplies.Asia’s supply-demand fundamentals had been relatively balanced in the first four months of the year.The more balanced fundamentals cushioned the impact of a less feasible arbitrage to more distant markets and gave refiners more leverage to target higher prices.Signs of a rise in surplus supply in the region in May partially reversed that dynamic.Asia’s base oils prices mostly eased in recent weeks, reflecting the impact of slower demand in markets like India.The premium of CFR India Group II base oil prices over FOB Asia prices began falling even earlier as the country took delivery of a wave of shipments in April and May.The shipments included an unusually large volume of supplies from Singapore during both of those months.The island-state’s base oils exports to India edged down to 44,100 tonnes in May from more than 47,000 tonnes in April.The April volume was the highest to India in more than seven years. The May volume was the second highest.Singapore’s base oils exports to India showed signs of slowing so far in June, reflecting the country’s more muted demand as buyers first worked down existing stocks.The city-state’s base oils imports also rose, mostly because of a surge in shipments from the US to the highest in almost four years.Total imports came to 50,400 tonnes in May, with shipments from the US accounting for more than 23,700 tonnes of the total.Total imports of 36,000 tonnes from the US in the first five months of the year already exceeded total shipments from the country during the previous two years combined..S Korea’s May base oils exports rise.Taiwan’s May base oils exports rise
Singapore’s base oils exports rose to a nine-month high in May, adding to a pick-up in shipments from other key suppliers in the Asia-Pacific market.The island-state’s total exports of 187,000 tonnes in May rose from 164,000 tonnes the previous month to the highest since last August, government data showed.The rise in shipments from markets like Singapore and South Korea coincided with signs of more muted demand in the key outlets of China and India.Rising supply and weaker demand raised the prospect of a pick-up in the region's surplus supplies.Asia’s supply-demand fundamentals had been relatively balanced in the first four months of the year.The more balanced fundamentals cushioned the impact of a less feasible arbitrage to more distant markets and gave refiners more leverage to target higher prices.Signs of a rise in surplus supply in the region in May partially reversed that dynamic.Asia’s base oils prices mostly eased in recent weeks, reflecting the impact of slower demand in markets like India.The premium of CFR India Group II base oil prices over FOB Asia prices began falling even earlier as the country took delivery of a wave of shipments in April and May.The shipments included an unusually large volume of supplies from Singapore during both of those months.The island-state’s base oils exports to India edged down to 44,100 tonnes in May from more than 47,000 tonnes in April.The April volume was the highest to India in more than seven years. The May volume was the second highest.Singapore’s base oils exports to India showed signs of slowing so far in June, reflecting the country’s more muted demand as buyers first worked down existing stocks.The city-state’s base oils imports also rose, mostly because of a surge in shipments from the US to the highest in almost four years.Total imports came to 50,400 tonnes in May, with shipments from the US accounting for more than 23,700 tonnes of the total.Total imports of 36,000 tonnes from the US in the first five months of the year already exceeded total shipments from the country during the previous two years combined..S Korea’s May base oils exports rise.Taiwan’s May base oils exports rise