The Netherlands’ base oils and lube supply lagged demand in October as the country’s output dipped to the lowest in more than a year.The shortfall slowed any build-up of surplus supplies during the final months of the year, when regional demand typically faces a seasonal slowdown.Base oils and lube output of 56,000t in October fell from close to 100,000t the previous month to the lowest since May 2022, government data showed.Output had averaged more than 91,000 t/month since then.The Netherlands is home to Europe’s sole virgin Group II base oils plant.The country’s imports also edged down in October even amid a pick-up in premium-grade shipments from the Mideast Gulf. A rare shipment from Egypt added to supplies.The trend cut total supply, or domestic output and imports combined, to an eleven-month low of less than 255,000t in October, down from close to 310,000t the previous month.The Netherlands’ base oils and lube demand got support from higher-than-usual domestic consumption categorized as “transformation in oil products”.The firm consumption partially countered a slowdown in exports to markets like Africa and US.Total demand, or domestic consumption and exports combined, came to 265,000t in October, down from more than 285,000t the previous month.Net supply subsequently flipped to a deficit of more than 10,000t in October. Supply had exceeded demand in each of the previous three months.Europe’s Group II prices strengthened versus Group I and Group III prices during the final two months of last year, ICIS data showed. The stronger values pointed to firmer supply-demand fundamentals relative to the other grades..UK’s Oct base oils supply lags demand.Italy’s October base oils supply rises
The Netherlands’ base oils and lube supply lagged demand in October as the country’s output dipped to the lowest in more than a year.The shortfall slowed any build-up of surplus supplies during the final months of the year, when regional demand typically faces a seasonal slowdown.Base oils and lube output of 56,000t in October fell from close to 100,000t the previous month to the lowest since May 2022, government data showed.Output had averaged more than 91,000 t/month since then.The Netherlands is home to Europe’s sole virgin Group II base oils plant.The country’s imports also edged down in October even amid a pick-up in premium-grade shipments from the Mideast Gulf. A rare shipment from Egypt added to supplies.The trend cut total supply, or domestic output and imports combined, to an eleven-month low of less than 255,000t in October, down from close to 310,000t the previous month.The Netherlands’ base oils and lube demand got support from higher-than-usual domestic consumption categorized as “transformation in oil products”.The firm consumption partially countered a slowdown in exports to markets like Africa and US.Total demand, or domestic consumption and exports combined, came to 265,000t in October, down from more than 285,000t the previous month.Net supply subsequently flipped to a deficit of more than 10,000t in October. Supply had exceeded demand in each of the previous three months.Europe’s Group II prices strengthened versus Group I and Group III prices during the final two months of last year, ICIS data showed. The stronger values pointed to firmer supply-demand fundamentals relative to the other grades..UK’s Oct base oils supply lags demand.Italy’s October base oils supply rises