The delivery of premium-grade base oils from Qatar to key global outlets rose in October amid a pick-up in shipments to Asia.The key markets of US, Asia and Europe took delivery of more than 155,000t of base oils from Qatar in October, government and customs data showed.The volume rose from 132,000t the previous month.Total shipments of 1.57mn t in the first ten months of the year fell by 3pc from 1.62mn t during the same period last year to a three-year low.The slowdown mostly reflected a 4pc slide in flows to Asia, including a 44pc drop in shipments to Singapore.The fall in shipments to Asia coincided with a steep discount of Asia Group III prices versus prices in Europe and the US, ICIS data showed.The steep discount incentivized Group III refiners to direct more shipments to Europe and the US instead.Europe’s supplies from Qatar rose by 2pc in the first ten months of the year even as the region faced a growing mismatch between weak demand and plentiful supply.Germany is typically the key destination in Europe for supplies from Qatar. An unusually large volume also moved to Spain in October.Any repetition of those flows to Spain could reflect moves to add an outlet in southern Europe for base oils shipments from Qatar..Sept base oils imports from Mideast Gulf slip
The delivery of premium-grade base oils from Qatar to key global outlets rose in October amid a pick-up in shipments to Asia.The key markets of US, Asia and Europe took delivery of more than 155,000t of base oils from Qatar in October, government and customs data showed.The volume rose from 132,000t the previous month.Total shipments of 1.57mn t in the first ten months of the year fell by 3pc from 1.62mn t during the same period last year to a three-year low.The slowdown mostly reflected a 4pc slide in flows to Asia, including a 44pc drop in shipments to Singapore.The fall in shipments to Asia coincided with a steep discount of Asia Group III prices versus prices in Europe and the US, ICIS data showed.The steep discount incentivized Group III refiners to direct more shipments to Europe and the US instead.Europe’s supplies from Qatar rose by 2pc in the first ten months of the year even as the region faced a growing mismatch between weak demand and plentiful supply.Germany is typically the key destination in Europe for supplies from Qatar. An unusually large volume also moved to Spain in October.Any repetition of those flows to Spain could reflect moves to add an outlet in southern Europe for base oils shipments from Qatar..Sept base oils imports from Mideast Gulf slip
