Thailand’s base oils output fell to a thirteen-month low in December even before the shutdown of both of the country’s base oils units in January.The drop in output compounded the tighter availability of Group I supplies in the Asia-Pacific market at the start of the year.Asia’s Group I base oils prices held firm or rose in January in response to the tighter supply, ICIS data showed.The firmer values contrasted with a drop in the region’s Group I prices in the month of January from the previous month in 2022 and 2023.The rise in prices also contrasted with lower Group I prices in Europe at the start of this year because of a rise in surplus supplies in that market.There have so far been scant arbitrage shipments from Europe to Asia even with the diverging price trends.Thailand’s base oils output of 47,100 kilolitres (42,000 tonnes) in December fell from close to 53,000kl the previous month and by 21pc from year-earlier levels, government data showed.The lower supply mostly reflected a drop in output from Thai refiner IRPC’s Group I plant.Thailand’s lower-than-usual base oils production levels throughout the fourth quarter already curbed surplus supply ahead of the shutdown of both of the country’s base oils units from second-half January.Lower output cut Thailand’s base oils exports volumes to a four-month low in December, including a pause in shipments to India for the first time in four months. .Thailand’s Nov base oils supply rises
Thailand’s base oils output fell to a thirteen-month low in December even before the shutdown of both of the country’s base oils units in January.The drop in output compounded the tighter availability of Group I supplies in the Asia-Pacific market at the start of the year.Asia’s Group I base oils prices held firm or rose in January in response to the tighter supply, ICIS data showed.The firmer values contrasted with a drop in the region’s Group I prices in the month of January from the previous month in 2022 and 2023.The rise in prices also contrasted with lower Group I prices in Europe at the start of this year because of a rise in surplus supplies in that market.There have so far been scant arbitrage shipments from Europe to Asia even with the diverging price trends.Thailand’s base oils output of 47,100 kilolitres (42,000 tonnes) in December fell from close to 53,000kl the previous month and by 21pc from year-earlier levels, government data showed.The lower supply mostly reflected a drop in output from Thai refiner IRPC’s Group I plant.Thailand’s lower-than-usual base oils production levels throughout the fourth quarter already curbed surplus supply ahead of the shutdown of both of the country’s base oils units from second-half January.Lower output cut Thailand’s base oils exports volumes to a four-month low in December, including a pause in shipments to India for the first time in four months. .Thailand’s Nov base oils supply rises