Singapore’s base oils imports rose to a three-month high in January amid a sustained flow of shipments from key sources of Group I base oils, as well as a rebound in premium-grade supplies from Qatar.The island-state’s total imports of 76,500 tonnes in January rose from 57,300 tonnes in December and for a fourth straight month from year-earlier levels, government data showed.The sustained pick-up in imports coincided with an increasingly regular flow of shipments from sources like Italy, Saudi Arabia and Russia.Those markets are major producers of Group I base oils, including brightstock.The rise in imports from those markets followed a slump in shipments from Japan to Singapore since late-2023 following the closure of another of its Group I base oils plants.The slowdown triggered a drop in Singapore’s imports from markets producing Group I base oils to less than 15,000 tonnes in the first quarter of 2024 and to 28,000 tonnes in the second quarter..The volumes fell from typical levels of more than 73,000 tonnes/quarter in 2023.The slump in imports exacerbated the tighter availability of Group I base oils in Asia, especially of brightstock.The sustained surge in Asia’s brightstock cargo price reflected that dynamic.The price began a sharp rise from the end of the third quarter of 2023 on an outright basis and relative to gasoil prices.The start of the price-rebound coincided with the closure of the plant in Japan.High prices and tight supply boosted the attraction of moving more Group I base oils to southeast Asia from other markets.A pick-up in Singapore’s imports from other Group I suppliers gathered pace in the third quarter of last year before extending that rise late last year and early this year.Singapore’s imports of more than 64,000 tonnes from Group I suppliers in the fourth quarter of last year were closer to more typical levels in 2023.Imports of close to 24,000 tonnes from the suppliers in January, and signs of steady imports in February, raised the prospect of shipment volumes holding at similar levels in the first quarter of this year.The ongoing strength of Asia’s Group I brightstock price suggested that market fundamentals remained tight even with the pick-up in shipments to Singapore..Saudi Arabia Jan Yanbu/Jeddah base oils exports fall.Japan’s December base oils output falls.Asia’s December lube demand rises
Singapore’s base oils imports rose to a three-month high in January amid a sustained flow of shipments from key sources of Group I base oils, as well as a rebound in premium-grade supplies from Qatar.The island-state’s total imports of 76,500 tonnes in January rose from 57,300 tonnes in December and for a fourth straight month from year-earlier levels, government data showed.The sustained pick-up in imports coincided with an increasingly regular flow of shipments from sources like Italy, Saudi Arabia and Russia.Those markets are major producers of Group I base oils, including brightstock.The rise in imports from those markets followed a slump in shipments from Japan to Singapore since late-2023 following the closure of another of its Group I base oils plants.The slowdown triggered a drop in Singapore’s imports from markets producing Group I base oils to less than 15,000 tonnes in the first quarter of 2024 and to 28,000 tonnes in the second quarter..The volumes fell from typical levels of more than 73,000 tonnes/quarter in 2023.The slump in imports exacerbated the tighter availability of Group I base oils in Asia, especially of brightstock.The sustained surge in Asia’s brightstock cargo price reflected that dynamic.The price began a sharp rise from the end of the third quarter of 2023 on an outright basis and relative to gasoil prices.The start of the price-rebound coincided with the closure of the plant in Japan.High prices and tight supply boosted the attraction of moving more Group I base oils to southeast Asia from other markets.A pick-up in Singapore’s imports from other Group I suppliers gathered pace in the third quarter of last year before extending that rise late last year and early this year.Singapore’s imports of more than 64,000 tonnes from Group I suppliers in the fourth quarter of last year were closer to more typical levels in 2023.Imports of close to 24,000 tonnes from the suppliers in January, and signs of steady imports in February, raised the prospect of shipment volumes holding at similar levels in the first quarter of this year.The ongoing strength of Asia’s Group I brightstock price suggested that market fundamentals remained tight even with the pick-up in shipments to Singapore..Saudi Arabia Jan Yanbu/Jeddah base oils exports fall.Japan’s December base oils output falls.Asia’s December lube demand rises
