Global base oils exports to key markets in Africa rose to a seven-month high in August on the back of a jump in shipments from the US.Total exports to Egypt, Nigeria, South Africa and Kenya combined rose to almost 94,000 tonnes in August, government data showed.The volume rose from less than 59,000 tonnes in July and by more than 50% from year-earlier levels.The supplies originated from Europe and US, as well as some shipments from other sources like Asia.Exports rose mostly because of a surge in shipments from the US to more than 30,000 tonnes in August. The volume was the highest this year.The rise in US exports, and surge in shipments to Nigeria, pointed to a pick-up in spot volumes in addition to more regular term supplies from the US.The rise in spot volumes in the month of August suggested that US suppliers were already starting to trim stock levels well before the end of the third quarter of the year.The moves showed signs of limiting the size of the build-up of surplus supplies in the US heading into the fourth quarter of the year.The rise in shipments also highlighted the volatility of flows from the US to Africa.US exports to the four African countries held at less than 11,000 tonnes in each of the previous three months before August.The volatility of the shipment volumes reflected the role of some destinations in Africa as an outlet for spot supplies from the US when it had surplus volumes to clear.The volatility of the volumes in turn boosted the attraction for buyers to line up supplies from sources with more regular shipments.Europe remained the key source of those supplies, even with its dwindling base oils production capacity.Europe’s exports to the four countries in Africa rose to close to 49,000 tonnes in August and held at more than 40,000 tonnes in eight of the previous nine months to August..US’ August base oils exports rise.Global exports to Africa fall in July
Global base oils exports to key markets in Africa rose to a seven-month high in August on the back of a jump in shipments from the US.Total exports to Egypt, Nigeria, South Africa and Kenya combined rose to almost 94,000 tonnes in August, government data showed.The volume rose from less than 59,000 tonnes in July and by more than 50% from year-earlier levels.The supplies originated from Europe and US, as well as some shipments from other sources like Asia.Exports rose mostly because of a surge in shipments from the US to more than 30,000 tonnes in August. The volume was the highest this year.The rise in US exports, and surge in shipments to Nigeria, pointed to a pick-up in spot volumes in addition to more regular term supplies from the US.The rise in spot volumes in the month of August suggested that US suppliers were already starting to trim stock levels well before the end of the third quarter of the year.The moves showed signs of limiting the size of the build-up of surplus supplies in the US heading into the fourth quarter of the year.The rise in shipments also highlighted the volatility of flows from the US to Africa.US exports to the four African countries held at less than 11,000 tonnes in each of the previous three months before August.The volatility of the shipment volumes reflected the role of some destinations in Africa as an outlet for spot supplies from the US when it had surplus volumes to clear.The volatility of the volumes in turn boosted the attraction for buyers to line up supplies from sources with more regular shipments.Europe remained the key source of those supplies, even with its dwindling base oils production capacity.Europe’s exports to the four countries in Africa rose to close to 49,000 tonnes in August and held at more than 40,000 tonnes in eight of the previous nine months to August..US’ August base oils exports rise.Global exports to Africa fall in July
