US Group III base oils imports rose in July to an 11-month high amid a surge in shipments from Mideast Gulf and Asia-Pacific.Base oils imports of 1.45mn bl (204,460t) in July rose from 921,630bl the previous month, government data showed..The rise in shipments was the fifth in six months from year-earlier levels. The trend boosted total imports to 7.84mn bl in the first seven months of the year.The volume was up 19pc from 6.61mn bl during the same period last year.Premium-grade base oils imports rose to meet strong demand that supported competitive prices compared with other markets.Demand rose strongly even as a prolonged shortage of additives curbed consumption by slowing production of some lubricants.The rise in US imports contrasted with a sharp slowdown in Group III base oils shipments to Europe from Mideast Gulf and Asia this year..Europe's July Group III imports from Mideast Gulf rise.The trend partly reflected a pick-up in regional supply in Europe, as well as the US’ almost complete reliance on overseas supplies to cover its Group III requirements.Even with the rise in regional supplies in Europe, the strong pick-up in US demand contrasted with signs of weaker European consumption.The trend reflected strong US base oils and lube demand so far this year, and weaker European lubricants consumption.US demand got support from healthy economic growth. European demand faced pressure from waning industrial activity and weak consumer demand as rising costs erode spending power.US imports of more than 721,000bl from the Mideast Gulf in July almost doubled from June to an 11-month high.The rise in shipments coincided with a jump in supplies from Asia-Pacific to a five-month high of more than 597,000bl..US’ June base oils imports fall
US Group III base oils imports rose in July to an 11-month high amid a surge in shipments from Mideast Gulf and Asia-Pacific.Base oils imports of 1.45mn bl (204,460t) in July rose from 921,630bl the previous month, government data showed..The rise in shipments was the fifth in six months from year-earlier levels. The trend boosted total imports to 7.84mn bl in the first seven months of the year.The volume was up 19pc from 6.61mn bl during the same period last year.Premium-grade base oils imports rose to meet strong demand that supported competitive prices compared with other markets.Demand rose strongly even as a prolonged shortage of additives curbed consumption by slowing production of some lubricants.The rise in US imports contrasted with a sharp slowdown in Group III base oils shipments to Europe from Mideast Gulf and Asia this year..Europe's July Group III imports from Mideast Gulf rise.The trend partly reflected a pick-up in regional supply in Europe, as well as the US’ almost complete reliance on overseas supplies to cover its Group III requirements.Even with the rise in regional supplies in Europe, the strong pick-up in US demand contrasted with signs of weaker European consumption.The trend reflected strong US base oils and lube demand so far this year, and weaker European lubricants consumption.US demand got support from healthy economic growth. European demand faced pressure from waning industrial activity and weak consumer demand as rising costs erode spending power.US imports of more than 721,000bl from the Mideast Gulf in July almost doubled from June to an 11-month high.The rise in shipments coincided with a jump in supplies from Asia-Pacific to a five-month high of more than 597,000bl..US’ June base oils imports fall