Europe’s base oils exports to countries outside the region fell in July in the face of tight supply and limited arbitrage opportunities.Base oils exports of close to 235,000t in July fell from around 258,000t the previous month, government data showed.Exports fell for the fourth time in five months from year-earlier levels, cutting total shipments to around 1.86mn t in the first seven months of the year.The volume was down 6pc from 1.97mn t during the same period last year and lower than exports during the same period in 2020.Europe’s Group I export prices maintained a steep discount to regional prices during the first eight months of this year even with the drop in supplies, ICIS data showed.The steep discount reflected a combination of weaker overseas demand and the ability of overseas buyers to secure supplies from other markets at more competitive prices..Europe’s July base oils imports fall
Europe’s base oils exports to countries outside the region fell in July in the face of tight supply and limited arbitrage opportunities.Base oils exports of close to 235,000t in July fell from around 258,000t the previous month, government data showed.Exports fell for the fourth time in five months from year-earlier levels, cutting total shipments to around 1.86mn t in the first seven months of the year.The volume was down 6pc from 1.97mn t during the same period last year and lower than exports during the same period in 2020.Europe’s Group I export prices maintained a steep discount to regional prices during the first eight months of this year even with the drop in supplies, ICIS data showed.The steep discount reflected a combination of weaker overseas demand and the ability of overseas buyers to secure supplies from other markets at more competitive prices..Europe’s July base oils imports fall