The Netherlands’ base oils output rose in July to the highest in more than a decade, at the same time as a swathe of imports of premium-grade base oils arrived in Europe from markets like the US.The region’s supply of premium-grade base oils rose to a record-high in response.The Netherlands’ base oils and lube output of 151,000 tonnes in July rose from an already-high 105,000 tonnes the previous month, government data showed.The unusually high July volume exceeded the country’s monthly base oils production capacity, pointing to higher-than-usual refinery run-rates.Europe’s imports from markets that produce Group II base oils also rose strongly in July.Combined with the Netherlands’ output, Europe’s total supply of premium-grade base oils duly rose to more than 220,000 tonnes in July and to more than 560,000 tonnes in the three months to July.The volume lagged only slightly the region's total supply of close to 580,000 tonnes in the six months to May. Europe's premium-grade base oils supply rose at a time of year when the region’s base oils and lube demand typically faces a seasonal slowdown.The ongoing slide in the region's lube consumption showed signs of compounding the seasonal slowdown.Europe’s Group II base oils prices held firm during the third quarter of the year even with signs of contrasting supply-demand fundamentals.The sharp rebound in the region's output and in imports of premium-grade base oils also left supply exceeding Europe’s Group I base oils supply for the first time since last November.Europe’s Group II base oils prices remained under pressure relative to Group I prices in June and July.But their premium to Group I prices began to rise from August. It extended the trend over the following weeks, even with the sharp rise in supply at the start of the third quarter..UK’s July base oils output falls.Europe’s July Group III supply stays rangebound
The Netherlands’ base oils output rose in July to the highest in more than a decade, at the same time as a swathe of imports of premium-grade base oils arrived in Europe from markets like the US.The region’s supply of premium-grade base oils rose to a record-high in response.The Netherlands’ base oils and lube output of 151,000 tonnes in July rose from an already-high 105,000 tonnes the previous month, government data showed.The unusually high July volume exceeded the country’s monthly base oils production capacity, pointing to higher-than-usual refinery run-rates.Europe’s imports from markets that produce Group II base oils also rose strongly in July.Combined with the Netherlands’ output, Europe’s total supply of premium-grade base oils duly rose to more than 220,000 tonnes in July and to more than 560,000 tonnes in the three months to July.The volume lagged only slightly the region's total supply of close to 580,000 tonnes in the six months to May. Europe's premium-grade base oils supply rose at a time of year when the region’s base oils and lube demand typically faces a seasonal slowdown.The ongoing slide in the region's lube consumption showed signs of compounding the seasonal slowdown.Europe’s Group II base oils prices held firm during the third quarter of the year even with signs of contrasting supply-demand fundamentals.The sharp rebound in the region's output and in imports of premium-grade base oils also left supply exceeding Europe’s Group I base oils supply for the first time since last November.Europe’s Group II base oils prices remained under pressure relative to Group I prices in June and July.But their premium to Group I prices began to rise from August. It extended the trend over the following weeks, even with the sharp rise in supply at the start of the third quarter..UK’s July base oils output falls.Europe’s July Group III supply stays rangebound
