· Diesel premium to crude stays high, even if down from month-earlier levels.· Firm diesel premium, tight diesel supply in US/Europe incentivize refiners to maximise middle distillates output.· India retail diesel premium to crude oil stays low amid unchanged diesel prices since May.· China Shandong province diesel premium to crude extends strong rise..· US, Japan refinery run rates stay high.· US weekly distillate stocks edge up to highest since end-Sept, but remain unusually low.· Europe imports more supplies of diesel from Russia ahead of imposition of sanctions.· Fall in global base oils supply in Q3 likely to curb size of surplus at year-end, raises prospect of balanced-to-tighter supply early next year..· US/Europe supply likely to get boost from seasonal slowdown in base oils/lube demand.· US cargo reaching Nigeria in coming days is first shipment in several months, reflecting impact of improving supply from Europe.· Slowdown in Europe Group III shipments from Mideast Gulf reflects impact of rising supply from Spain and importance of that supply.· Importance of Spain supply magnifies impact of any maintenance work/drop in supply from that source.· Unusual surge in base oils shipments from Qatar in September boosts supply in US, Asia-Pacific..· Europe’s base oils imports from Russia continue through Q3, will need to halt by early next year.· Russian shipments to Mideast Gulf face prospect of displacing existing supplies in that region, prompting flow of more shipments to other markets.· Asia supply likely more balanced in Q4 after steady output and surge in exports in Q3 slashes surplus.· South Korea’s October base oils exports slump vs September following clear-out of surplus/lower production.· South Korea’s November exports to China show signs of slowing vs already-low Oct volumes.· India’s October base oils imports stay lower than usual, raising prospect of supply lagging demand.· China’s October base oils exports slip, suggesting smaller surplus.· Singapore’s weekly base oils exports from domestic sources rebound last week to highest in more than a month..· Singapore’s base oils exports to India show signs of reviving after slumping in four weeks to early November..Global base oils – week of Nov 21: Demand outlook
· Diesel premium to crude stays high, even if down from month-earlier levels.· Firm diesel premium, tight diesel supply in US/Europe incentivize refiners to maximise middle distillates output.· India retail diesel premium to crude oil stays low amid unchanged diesel prices since May.· China Shandong province diesel premium to crude extends strong rise..· US, Japan refinery run rates stay high.· US weekly distillate stocks edge up to highest since end-Sept, but remain unusually low.· Europe imports more supplies of diesel from Russia ahead of imposition of sanctions.· Fall in global base oils supply in Q3 likely to curb size of surplus at year-end, raises prospect of balanced-to-tighter supply early next year..· US/Europe supply likely to get boost from seasonal slowdown in base oils/lube demand.· US cargo reaching Nigeria in coming days is first shipment in several months, reflecting impact of improving supply from Europe.· Slowdown in Europe Group III shipments from Mideast Gulf reflects impact of rising supply from Spain and importance of that supply.· Importance of Spain supply magnifies impact of any maintenance work/drop in supply from that source.· Unusual surge in base oils shipments from Qatar in September boosts supply in US, Asia-Pacific..· Europe’s base oils imports from Russia continue through Q3, will need to halt by early next year.· Russian shipments to Mideast Gulf face prospect of displacing existing supplies in that region, prompting flow of more shipments to other markets.· Asia supply likely more balanced in Q4 after steady output and surge in exports in Q3 slashes surplus.· South Korea’s October base oils exports slump vs September following clear-out of surplus/lower production.· South Korea’s November exports to China show signs of slowing vs already-low Oct volumes.· India’s October base oils imports stay lower than usual, raising prospect of supply lagging demand.· China’s October base oils exports slip, suggesting smaller surplus.· Singapore’s weekly base oils exports from domestic sources rebound last week to highest in more than a month..· Singapore’s base oils exports to India show signs of reviving after slumping in four weeks to early November..Global base oils – week of Nov 21: Demand outlook
