Thailand’s base oils supply lagged demand in April for a fourth month, leaving refiners with lower stocks.
Base oils supply of more than 74,500 kilolitres (66,030t) in April fell from almost 88,000kl the previous month, government data showed.
Base oils and lube demand of more than 76,500kl in April fell from around 90,000kl the previous month.
Supply lagged demand even as the country’s lube consumption slumped.
The supply shortfall every month this year already matched last year, when supply lagged demand a total of four times during the whole year.
Refiners’ lower supply curbed their need to offer supplies at steep discounts to market prices.