Europe’s Group III base oils supply fell in October amid a dip in supplies from Spain and Asia-Pacific.Base oils supply of around 140,000t in October fell from close to 175,000t the previous month, government data showed.Even with the slowdown, total supply of around 1.50mn t in the first ten months of the year was up 8pc from around 1.40mn t during the same period last year and similar to volumes during the same period in 2021.The lower supplies in October mostly reflected a drop in volumes from Spain and Indonesia.Both markets are key sources of Group III base oils with OEM approvals.Supply from Indonesia showed signs of improving in November. Supply from Spain stayed lower for a second month.The tighter availability of Group III supplies with OEM approvals coincided with a rise in the premium of Europe’s Group III (high) base oils prices over Group III (low) base oils prices to a record high, ICIS data showed.That price strength extended into December.The Mideast Gulf was the largest source of Europe’s Group III supplies in October with a share of more than 40pc of the total.The region’s growing share of Europe’s Group III base oils supply in 2023 contrasted with a lower share of supplies from Spain..Spain’s Nov Cartagena premium-grade exports fall.Indonesia Oct Grp III exports stay lower
Europe’s Group III base oils supply fell in October amid a dip in supplies from Spain and Asia-Pacific.Base oils supply of around 140,000t in October fell from close to 175,000t the previous month, government data showed.Even with the slowdown, total supply of around 1.50mn t in the first ten months of the year was up 8pc from around 1.40mn t during the same period last year and similar to volumes during the same period in 2021.The lower supplies in October mostly reflected a drop in volumes from Spain and Indonesia.Both markets are key sources of Group III base oils with OEM approvals.Supply from Indonesia showed signs of improving in November. Supply from Spain stayed lower for a second month.The tighter availability of Group III supplies with OEM approvals coincided with a rise in the premium of Europe’s Group III (high) base oils prices over Group III (low) base oils prices to a record high, ICIS data showed.That price strength extended into December.The Mideast Gulf was the largest source of Europe’s Group III supplies in October with a share of more than 40pc of the total.The region’s growing share of Europe’s Group III base oils supply in 2023 contrasted with a lower share of supplies from Spain..Spain’s Nov Cartagena premium-grade exports fall.Indonesia Oct Grp III exports stay lower