The Netherlands’ base oils supply improved in January on the back of higher output and imports.A surge in exports almost fully matched the rise in supply.The rise in shipments limited the size of a build-up of surplus volumes ahead of the scheduled shutdown of the country’s sole Group II base oils plant in February.Europe’s supplies of Group II base oils had already been lower than usual throughout the fourth quarter of last year.A seasonal slowdown in Europe’s lube consumption at the end of last year and start of this year cushioned the impact of the more limited surplus supply.Even so, the lower supplies and the subsequent shutdown of the Group II unit in February increased the region’s requirements for more Group II supplies from the US especially over the following months.The Netherlands’ base oils and lube output of 76,000 tonnes in January rose from a nineteen-month low of 45,000 tonnes in December, government data showed.The volume was still down from typical levels of around 90,0000 tonnes/month in the first eleven months of last year.It also extended a period of unusually volatile output levels since last October.Supply in January got a further boost from a pick-up in imports, especially from markets outside Europe such as Egypt and Indonesia.The pick-up in imports boosted the Netherlands’ total supply to more than 260,000 tonnes in January, up from a three-year low of close to 170,000 tonnes the previous month.The volume outpaced slightly the Netherlands’ total demand of just below 260,000 tonnes.Demand, or domestic consumption and exports combined, almost kept pace with supply as the Netherlands’ exports rebounded in January to a seven-month high.The exports included a larger-than-usual volume of shipments to markets outside Europe such as West and East Africa, as well as to the US.The shipments to those markets raised the prospect of limiting a build-up of surplus supplies in Europe at a time when demand was seasonally weak..US’ Jan base oils exports to Europe fall.Europe’s Jan base oils exports mixed
The Netherlands’ base oils supply improved in January on the back of higher output and imports.A surge in exports almost fully matched the rise in supply.The rise in shipments limited the size of a build-up of surplus volumes ahead of the scheduled shutdown of the country’s sole Group II base oils plant in February.Europe’s supplies of Group II base oils had already been lower than usual throughout the fourth quarter of last year.A seasonal slowdown in Europe’s lube consumption at the end of last year and start of this year cushioned the impact of the more limited surplus supply.Even so, the lower supplies and the subsequent shutdown of the Group II unit in February increased the region’s requirements for more Group II supplies from the US especially over the following months.The Netherlands’ base oils and lube output of 76,000 tonnes in January rose from a nineteen-month low of 45,000 tonnes in December, government data showed.The volume was still down from typical levels of around 90,0000 tonnes/month in the first eleven months of last year.It also extended a period of unusually volatile output levels since last October.Supply in January got a further boost from a pick-up in imports, especially from markets outside Europe such as Egypt and Indonesia.The pick-up in imports boosted the Netherlands’ total supply to more than 260,000 tonnes in January, up from a three-year low of close to 170,000 tonnes the previous month.The volume outpaced slightly the Netherlands’ total demand of just below 260,000 tonnes.Demand, or domestic consumption and exports combined, almost kept pace with supply as the Netherlands’ exports rebounded in January to a seven-month high.The exports included a larger-than-usual volume of shipments to markets outside Europe such as West and East Africa, as well as to the US.The shipments to those markets raised the prospect of limiting a build-up of surplus supplies in Europe at a time when demand was seasonally weak..US’ Jan base oils exports to Europe fall.Europe’s Jan base oils exports mixed