· US central bank’s next move on interest rates generates more uncertainty than recent moves, with expectations mixed on keeping rates unchanged or another rise. · US gasoline demand rises over past week for eighth straight week.· Firmer fuel demand coincides with rising US retail sales in April..· Seasonal rise in US base oils demand stays more muted than usual.· Extension of the trend would leave blenders with lower-than-usual stocks heading into Atlantic hurricane season.· Latin Americas’ lube demand growth shows signs of holding firm in Q1 2023, contrasting with slower consumption growth in Europe and Asia-Pacific.· Trend incentivized base oils suppliers in other regions to target Latin America with additional volumes.· Latin America’s lube demand growth likely to outpace Europe’s demand over coming months, boosting attraction of targeting that market with more base oils supplies..· Latin American demand for US supplies likely to improve amid slowdown in arbitrage shipments from Asia.· Europe’s central bank expected to raise interest rates further amid still-high core inflation.· Europe’s Q2 lube demand set to rise from Q1 2023, which already rose strongly from Q4 2022.· Europe’s lube demand likely to outpace Asia-Pacific lube demand over coming months, curbing surplus base oils supply for export..· Spain’s March lube demand rises strongly from February and from year-earlier levels, adding to blenders’ need to replenish base oils stocks.· Portugal’s Q2 lube consumption typically rises from Q1, after demand already rose in March to a one-year high.· Smaller-than-usual rise in France’s lube demand in March from February leaves blenders with more supplies, curbs urgency to replenish stocks.· Sustained fall in year-on-year demand adds to blenders’ preference to maintain lower stocks.· Europe’s Q3 lube demand likely to slow from Q2, while firm base oils values incentivize refiners to maintain higher output..· Trend raises prospect of rising surplus supply in Europe in Q3 2023..Global base oils - week of May 22: Price outlook - arbitrage.Contact us for more information about the data for these stories
· US central bank’s next move on interest rates generates more uncertainty than recent moves, with expectations mixed on keeping rates unchanged or another rise. · US gasoline demand rises over past week for eighth straight week.· Firmer fuel demand coincides with rising US retail sales in April..· Seasonal rise in US base oils demand stays more muted than usual.· Extension of the trend would leave blenders with lower-than-usual stocks heading into Atlantic hurricane season.· Latin Americas’ lube demand growth shows signs of holding firm in Q1 2023, contrasting with slower consumption growth in Europe and Asia-Pacific.· Trend incentivized base oils suppliers in other regions to target Latin America with additional volumes.· Latin America’s lube demand growth likely to outpace Europe’s demand over coming months, boosting attraction of targeting that market with more base oils supplies..· Latin American demand for US supplies likely to improve amid slowdown in arbitrage shipments from Asia.· Europe’s central bank expected to raise interest rates further amid still-high core inflation.· Europe’s Q2 lube demand set to rise from Q1 2023, which already rose strongly from Q4 2022.· Europe’s lube demand likely to outpace Asia-Pacific lube demand over coming months, curbing surplus base oils supply for export..· Spain’s March lube demand rises strongly from February and from year-earlier levels, adding to blenders’ need to replenish base oils stocks.· Portugal’s Q2 lube consumption typically rises from Q1, after demand already rose in March to a one-year high.· Smaller-than-usual rise in France’s lube demand in March from February leaves blenders with more supplies, curbs urgency to replenish stocks.· Sustained fall in year-on-year demand adds to blenders’ preference to maintain lower stocks.· Europe’s Q3 lube demand likely to slow from Q2, while firm base oils values incentivize refiners to maintain higher output..· Trend raises prospect of rising surplus supply in Europe in Q3 2023..Global base oils - week of May 22: Price outlook - arbitrage.Contact us for more information about the data for these stories