US base oils exports to Latin America stayed higher than usual in November as a surge in shipments to Colombia added to an ongoing wave of supplies to Brazil.The sustained rise in shipments to the region helped to limit a supply-build in the US at the end of the year and to cover for a slowdown in flows from Asia to Latin America.Total base oils exports of close to 580,000bl (82,000t) to Latin America in November rose from 547,000bl the previous month and by 47pc from year-earlier levels. The volume excluded shipments to Mexico.Exports of close to 2.80mn bl in the five months to November rose by 13pc from the same period in 2022 to the highest in at least nine years.US base oils exports got a boost from stronger-than-usual demand from Brazil and from competitive export prices.Brazil sought more overseas supplies to cover for a heavy round of plant-maintenance work during the second half of last year.US base oils exports of 270,000bl to Brazil in November rose for a sixth month in seven from year-earlier levels.US base oils export prices fell to a steep discount to domestic prices and to levels that were similar to or lower than prices in Asia during the fourth quarter of the year.The lower prices made less feasible the arbitrage from Asia and boosted the attraction of locking in supplies from the US..US’ Nov base oils exports rise
US base oils exports to Latin America stayed higher than usual in November as a surge in shipments to Colombia added to an ongoing wave of supplies to Brazil.The sustained rise in shipments to the region helped to limit a supply-build in the US at the end of the year and to cover for a slowdown in flows from Asia to Latin America.Total base oils exports of close to 580,000bl (82,000t) to Latin America in November rose from 547,000bl the previous month and by 47pc from year-earlier levels. The volume excluded shipments to Mexico.Exports of close to 2.80mn bl in the five months to November rose by 13pc from the same period in 2022 to the highest in at least nine years.US base oils exports got a boost from stronger-than-usual demand from Brazil and from competitive export prices.Brazil sought more overseas supplies to cover for a heavy round of plant-maintenance work during the second half of last year.US base oils exports of 270,000bl to Brazil in November rose for a sixth month in seven from year-earlier levels.US base oils export prices fell to a steep discount to domestic prices and to levels that were similar to or lower than prices in Asia during the fourth quarter of the year.The lower prices made less feasible the arbitrage from Asia and boosted the attraction of locking in supplies from the US..US’ Nov base oils exports rise