Europe’s imports of Group III base oils from the Mideast Gulf fell to a four-month low in November amid a simultaneous slump in shipments from Bahrain and the UAE.The drop in supplies came at a time of muted regional demand in Europe. A seasonal dip in activity at year-end added to the slowdown.Europe’s Group III base oils price premium to regional feedstock prices steadied in the fourth quarter of last year, ICIS data showed.The steadier levels followed a slump in the Group III premium to VGO in the first nine months of the year.Europe’s base oils imports from Bahrain, UAE and Qatar combined fell to around 28,000t in November, down from close to 60,000t the previous month, government data showed.The volume was the lowest since July and second-lowest since May 2022.Imports fell because of a slump in shipments from Bahrain and the UAE to a combined volume of around 2,000t.Steady supplies from one of those markets typically cushioned periods of lower imports from the other.That failed to happen this time, triggering a fall in shipments from the two markets to the lowest since June 2020.Imports fell in mid-2020 because of pandemic-related restrictions that slashed base oils and lube demand in Europe.Imports from Bahrain showed signs of recovering in December. Shipments from the UAE remained more focused on the US market rather than Europe..US’ November base oils imports mixed.US’ Nov base oils exports to Europe rise
Europe’s imports of Group III base oils from the Mideast Gulf fell to a four-month low in November amid a simultaneous slump in shipments from Bahrain and the UAE.The drop in supplies came at a time of muted regional demand in Europe. A seasonal dip in activity at year-end added to the slowdown.Europe’s Group III base oils price premium to regional feedstock prices steadied in the fourth quarter of last year, ICIS data showed.The steadier levels followed a slump in the Group III premium to VGO in the first nine months of the year.Europe’s base oils imports from Bahrain, UAE and Qatar combined fell to around 28,000t in November, down from close to 60,000t the previous month, government data showed.The volume was the lowest since July and second-lowest since May 2022.Imports fell because of a slump in shipments from Bahrain and the UAE to a combined volume of around 2,000t.Steady supplies from one of those markets typically cushioned periods of lower imports from the other.That failed to happen this time, triggering a fall in shipments from the two markets to the lowest since June 2020.Imports fell in mid-2020 because of pandemic-related restrictions that slashed base oils and lube demand in Europe.Imports from Bahrain showed signs of recovering in December. Shipments from the UAE remained more focused on the US market rather than Europe..US’ November base oils imports mixed.US’ Nov base oils exports to Europe rise