The Netherlands’ base oils output fell to a twenty-one-month low in February as scheduled maintenance work began on the country’s sole base oils plant.The drop in output coincided with a pause in base oils production in the UK and lower output in Spain that month.Lower output from a growing number of key European producers duly limited the size of any supply-build in the region early in the year, at a time when base oils demand faced a seasonal slowdown.The Netherlands’ base oils supply still rose in February from the previous month on the back of a pick-up in imports.Demand rose even more strongly on the back of higher exports, triggering a fall in the country’s net supply and inventories.The Netherlands’ base oils and lubricants output of 44,000 tonnes in February fell from 76,000 tonnes the previous month, government data showed.The volume was the lowest since the second quarter of 2022 and followed lower-than-usual output throughout most of the previous four months.Output likely continued to stay low in March.Scheduled plant-maintenance work in the Netherlands began in February and lasted until around the beginning of April.The Netherlands is Europe’s key source for Group II base oils supplies from within the region.Its lower output in the first quarter of the year increased the need for additional shipments from overseas sources, and the US especially.A wide-open arbitrage from the US to Europe during the first quarter facilitated such flows.Higher imports duly lifted the Netherlands’ supply, or output and imports combined, to a three-month high of 272,000 tonnes in February.Demand, or domestic consumption and exports combined, also rose to a three-month high, climbing to almost 290,000 tonnes.Supply duly lagged demand by 17,000 tonnes in February and for the second time in three months.The shortfall cut the Netherlands’ base oils and lube stocks in February to an eight-month low of 160,000 tonnes..UK’s Feb base oils supply lags demand
The Netherlands’ base oils output fell to a twenty-one-month low in February as scheduled maintenance work began on the country’s sole base oils plant.The drop in output coincided with a pause in base oils production in the UK and lower output in Spain that month.Lower output from a growing number of key European producers duly limited the size of any supply-build in the region early in the year, at a time when base oils demand faced a seasonal slowdown.The Netherlands’ base oils supply still rose in February from the previous month on the back of a pick-up in imports.Demand rose even more strongly on the back of higher exports, triggering a fall in the country’s net supply and inventories.The Netherlands’ base oils and lubricants output of 44,000 tonnes in February fell from 76,000 tonnes the previous month, government data showed.The volume was the lowest since the second quarter of 2022 and followed lower-than-usual output throughout most of the previous four months.Output likely continued to stay low in March.Scheduled plant-maintenance work in the Netherlands began in February and lasted until around the beginning of April.The Netherlands is Europe’s key source for Group II base oils supplies from within the region.Its lower output in the first quarter of the year increased the need for additional shipments from overseas sources, and the US especially.A wide-open arbitrage from the US to Europe during the first quarter facilitated such flows.Higher imports duly lifted the Netherlands’ supply, or output and imports combined, to a three-month high of 272,000 tonnes in February.Demand, or domestic consumption and exports combined, also rose to a three-month high, climbing to almost 290,000 tonnes.Supply duly lagged demand by 17,000 tonnes in February and for the second time in three months.The shortfall cut the Netherlands’ base oils and lube stocks in February to an eight-month low of 160,000 tonnes..UK’s Feb base oils supply lags demand