The UK’s base oils supply stayed lower than usual in December for a third month as a slump in imports countered a recovery in domestic base oils production.The tighter supply likely impacted demand, which fell in December to the lowest in more than eight years.The weak consumption mostly reflected unusually-low base oils exports.Lower exports partly reflected weaker overseas demand. It also reflected a drop in availability of supplies to meet that demand.The UK’s supplies duly exceeded demand for the first time in three months.But the trend highlighted more the country’s tighter availability of supply at year-end rather than signs of a growing supply-build.Base oils output came to 23,100t in December, government data showed. The volume contrasted with a halt in production in November and output of only 2,000t in October.A surge in imports helped to cover the pause in output in November.Imports then slumped to a thirty-five-month low in December, countering the recovery in output that month.Imports fell as shipments from the Netherlands dipped to a two-year low.The slowdown coincided with a slump in the Netherlands’ own base oils output in December.The UK’s total supply, or output and imports combined, duly rose to 44,300t in December.The volume rose from 41,000t in November and from less than 35,000t in October.Excluding those two months, the December volume was the lowest in a year.The sustained drop in supply curbed availability for export even with a seasonal drop in requirements for the domestic market.Total demand, or domestic consumption and exports combined, duly fell to around 27,500t in December.The volume was down from typical levels of around 50,000 t/month over the past year.The slump in consumption left demand lagging the UK’s base oils supply by close to 17,000t in December.The large supply surplus helped to cover for shortfalls during the previous two months.The surplus for the last three months of the year combined shrank to less than 7,500t, from almost 32,000t during the third quarter of last year..Netherlands’ Dec base oils output falls.Global exports to Nigeria rise in December
The UK’s base oils supply stayed lower than usual in December for a third month as a slump in imports countered a recovery in domestic base oils production.The tighter supply likely impacted demand, which fell in December to the lowest in more than eight years.The weak consumption mostly reflected unusually-low base oils exports.Lower exports partly reflected weaker overseas demand. It also reflected a drop in availability of supplies to meet that demand.The UK’s supplies duly exceeded demand for the first time in three months.But the trend highlighted more the country’s tighter availability of supply at year-end rather than signs of a growing supply-build.Base oils output came to 23,100t in December, government data showed. The volume contrasted with a halt in production in November and output of only 2,000t in October.A surge in imports helped to cover the pause in output in November.Imports then slumped to a thirty-five-month low in December, countering the recovery in output that month.Imports fell as shipments from the Netherlands dipped to a two-year low.The slowdown coincided with a slump in the Netherlands’ own base oils output in December.The UK’s total supply, or output and imports combined, duly rose to 44,300t in December.The volume rose from 41,000t in November and from less than 35,000t in October.Excluding those two months, the December volume was the lowest in a year.The sustained drop in supply curbed availability for export even with a seasonal drop in requirements for the domestic market.Total demand, or domestic consumption and exports combined, duly fell to around 27,500t in December.The volume was down from typical levels of around 50,000 t/month over the past year.The slump in consumption left demand lagging the UK’s base oils supply by close to 17,000t in December.The large supply surplus helped to cover for shortfalls during the previous two months.The surplus for the last three months of the year combined shrank to less than 7,500t, from almost 32,000t during the third quarter of last year..Netherlands’ Dec base oils output falls.Global exports to Nigeria rise in December
