Europe’s Group I base oils supply slumped to a multi-year low in June amid falling output and a dearth of imports from Russia.Base oils supply fell to less than 86,000t in June, from around 147,000t in May, government data showed.The volume was derived from five key suppliers in Europe combined with imports from Russia.Group I supply fell from typical levels of more than 150,000 t/month over the past year to the lowest in more than four years.The drop in supply cut total volumes to less than 865,000t in first-half 2023, down from 872,000t during the same period last year.The cumulative volume lagged year-earlier levels for the first time this year.Europe’s Group I base oils prices had surged on an outright basis and relative to diesel in first-half 2022 in response to tight supply, ICIS data showed.Group I prices rose much less steeply on an outright basis and relative to diesel in first-half 2023. .UK’s June base oils supply falls .Italy’s June base oils output slumps.Europe’s June imports from Russia slide
Europe’s Group I base oils supply slumped to a multi-year low in June amid falling output and a dearth of imports from Russia.Base oils supply fell to less than 86,000t in June, from around 147,000t in May, government data showed.The volume was derived from five key suppliers in Europe combined with imports from Russia.Group I supply fell from typical levels of more than 150,000 t/month over the past year to the lowest in more than four years.The drop in supply cut total volumes to less than 865,000t in first-half 2023, down from 872,000t during the same period last year.The cumulative volume lagged year-earlier levels for the first time this year.Europe’s Group I base oils prices had surged on an outright basis and relative to diesel in first-half 2022 in response to tight supply, ICIS data showed.Group I prices rose much less steeply on an outright basis and relative to diesel in first-half 2023. .UK’s June base oils supply falls .Italy’s June base oils output slumps.Europe’s June imports from Russia slide