US base oils imports fell for a sixth month in October amid a slowdown in shipments of premium-grade supplies from the Mideast Gulf.Total imports of 1.04mn bl (146,000t) in October fell from 1.36mn bl the previous month and by 27pc from year-earlier levels, government data showed.More than 90pc of the supplies consisted of Group III base oils.The sustained slowdown cut total imports to 12.44mn bl in the first ten months of the year, down 9pc from 13.72mn bl during the same period last year.Imports exceeded year-earlier levels in the first six months of the year before slumping in the second half.The trade flows pointed to weaker-than-expected Group III demand and rising surplus supplies in the US in the first half of the year.The weak fundamentals then compounded the slowdown in imports during the second half of the year.Imports fell even as US Group III prices moved to an increasingly steep premium to Europe prices during the fourth quarter of the year, ICIS data showed.The widening premium incentivized overseas suppliers to move more shipments to the US rather than Europe.It suggested that supply-demand fundamentals in Europe were even weaker than in the US.US base oils imports from the UAE fell to less than 50,000bl in October and to around 478,000bl in the four months to October.The volume fell by 59pc from more than 761,000bl during the same period last year..US’ October base oils exports fall.Global exports to Mideast Gulf hold firm in Sept
US base oils imports fell for a sixth month in October amid a slowdown in shipments of premium-grade supplies from the Mideast Gulf.Total imports of 1.04mn bl (146,000t) in October fell from 1.36mn bl the previous month and by 27pc from year-earlier levels, government data showed.More than 90pc of the supplies consisted of Group III base oils.The sustained slowdown cut total imports to 12.44mn bl in the first ten months of the year, down 9pc from 13.72mn bl during the same period last year.Imports exceeded year-earlier levels in the first six months of the year before slumping in the second half.The trade flows pointed to weaker-than-expected Group III demand and rising surplus supplies in the US in the first half of the year.The weak fundamentals then compounded the slowdown in imports during the second half of the year.Imports fell even as US Group III prices moved to an increasingly steep premium to Europe prices during the fourth quarter of the year, ICIS data showed.The widening premium incentivized overseas suppliers to move more shipments to the US rather than Europe.It suggested that supply-demand fundamentals in Europe were even weaker than in the US.US base oils imports from the UAE fell to less than 50,000bl in October and to around 478,000bl in the four months to October.The volume fell by 59pc from more than 761,000bl during the same period last year..US’ October base oils exports fall.Global exports to Mideast Gulf hold firm in Sept