Singapore’s base oils exports improved in March as a rebound in shipments to southeast Asia countered a further slowdown in flows to China.Exports were still lower than usual, adding to the Asia-Pacific region’s tighter supply fundamentals during the first quarter of the year.The island-state’s imports by contrast rebounded to a five-month high in March on the back of a surge in shipments from Qatar and Hong Kong, and a sustained rise in flows from the US.Singapore's base oils exports of 158,700 tonnes in March rose from less than 147,500 tonnes the previous month, government data showed.The volume was still down 25% from year-earlier levels and from typical exports of close to 167,000 tonnes/month in 2023.The lower exports cut total shipments to 471,000 tonnes in the first quarter of the year, down from more than 480,000 tonnes during the previous three months.Singapore’s base oils exports had previously risen in the first quarter of the year from the previous three months in each of the last five years.A rise in exports at the start of the year usually coincided with a time of year when lube demand typically gets a seasonal boost throughout the Asia-Pacific region.There were signs of such a pick-up in demand at the end of the first quarter of this year.Singapore’s lower-than-usual base oils exports in February and March added to tighter-than-usual supply in the region during that period.Asia’s base oils prices rose relative to gasoil and relative to other regions during the first quarter of the year, reflecting the tighter supply-demand fundamentals.Singapore’s base oils exports focused on southeast Asia in March.Exports of 77,000 tonnes to the region rebounded from less than 58,000 tonnes in February and rose for the tenth time in eleven months from year-earlier levels.Exports to China showed the opposite trend.Shipments of 27,200 tonnes to the country were the lowest in six months and down from more than 76,000 tonnes the same month a year earlier.The diverging trends highlighted the growing focus of Singapore’s base oils supplies on southeast Asia and its shrinking exposure to the Chinese market.The island-state’s base oils imports of 61,700 tonnes in March rose from 44,300 tonnes the previous month to the highest since last October.Shipments from Hong Kong and Qatar accounted for more than half the total. The share was up from less than 20% of the total in 2023.Qatar is home to a gas-to-liquids Group III+ base oils unit. Hong Kong is one of the key distribution points for supplies from Qatar.The unusual surge in shipments to Singapore coincided with falling Group III prices in the US and a slowdown in shipments from Qatar to Europe during the first two months of the year..Singapore’s Feb base oils exports fall.S Korea’s March base oils exports rise .Taiwan’s March base oils exports rise
Singapore’s base oils exports improved in March as a rebound in shipments to southeast Asia countered a further slowdown in flows to China.Exports were still lower than usual, adding to the Asia-Pacific region’s tighter supply fundamentals during the first quarter of the year.The island-state’s imports by contrast rebounded to a five-month high in March on the back of a surge in shipments from Qatar and Hong Kong, and a sustained rise in flows from the US.Singapore's base oils exports of 158,700 tonnes in March rose from less than 147,500 tonnes the previous month, government data showed.The volume was still down 25% from year-earlier levels and from typical exports of close to 167,000 tonnes/month in 2023.The lower exports cut total shipments to 471,000 tonnes in the first quarter of the year, down from more than 480,000 tonnes during the previous three months.Singapore’s base oils exports had previously risen in the first quarter of the year from the previous three months in each of the last five years.A rise in exports at the start of the year usually coincided with a time of year when lube demand typically gets a seasonal boost throughout the Asia-Pacific region.There were signs of such a pick-up in demand at the end of the first quarter of this year.Singapore’s lower-than-usual base oils exports in February and March added to tighter-than-usual supply in the region during that period.Asia’s base oils prices rose relative to gasoil and relative to other regions during the first quarter of the year, reflecting the tighter supply-demand fundamentals.Singapore’s base oils exports focused on southeast Asia in March.Exports of 77,000 tonnes to the region rebounded from less than 58,000 tonnes in February and rose for the tenth time in eleven months from year-earlier levels.Exports to China showed the opposite trend.Shipments of 27,200 tonnes to the country were the lowest in six months and down from more than 76,000 tonnes the same month a year earlier.The diverging trends highlighted the growing focus of Singapore’s base oils supplies on southeast Asia and its shrinking exposure to the Chinese market.The island-state’s base oils imports of 61,700 tonnes in March rose from 44,300 tonnes the previous month to the highest since last October.Shipments from Hong Kong and Qatar accounted for more than half the total. The share was up from less than 20% of the total in 2023.Qatar is home to a gas-to-liquids Group III+ base oils unit. Hong Kong is one of the key distribution points for supplies from Qatar.The unusual surge in shipments to Singapore coincided with falling Group III prices in the US and a slowdown in shipments from Qatar to Europe during the first two months of the year..Singapore’s Feb base oils exports fall.S Korea’s March base oils exports rise .Taiwan’s March base oils exports rise
