Asia-Pacific base oil exports rose in May, maintaining high volumes and sufficient surplus supplies to move to other markets.Base oil exports of more than 703,000t in May rose from less than 675,000t the previous month, government data showed. The volume outpaced typical levels of around 685,000 t/month over the past year.Total exports of 3.45mn t in the first five months of the year were down 3pc from 3.56mn t during the same period last year..Asia-Pacific base oil prices had surged in first-half 2021 because of unusually tight supply-demand fundamentals.Regional prices have been unusually weak relative to crude and diesel so far this year even with export volumes at lower levels than last year.China was a key outlet for a large share of the export volumes during first-half 2021. The country’s imports have been lower this time round as lockdowns scuppered domestic demand.The weak demand freed up more overseas supplies to move to other markets. The country’s low domestic prices added to that surplus by prompting term buyers in China to redirect shipments to other outlets.Asia-Pacific base oil exports have held unusually steady even with the slowdown in Chinese demand.Export volumes have held in a narrow 675,000-710,000 t/month range since late last year.The large number of different producers in different regions has helped to balance out a change in supply from any one of the regions.Base oil exports from southeast Asia fell in May to a seven-month low of around 188,400t. The lower volume reflected a drop in supplies from Singapore and a slump in Group I shipments from Indonesia.Exports from northeast Asia rose in May to a six-month high of 514,750t amid a pick-up in shipments from South Korea, Taiwan and Japan..Asia’s April base oil exports ease
Asia-Pacific base oil exports rose in May, maintaining high volumes and sufficient surplus supplies to move to other markets.Base oil exports of more than 703,000t in May rose from less than 675,000t the previous month, government data showed. The volume outpaced typical levels of around 685,000 t/month over the past year.Total exports of 3.45mn t in the first five months of the year were down 3pc from 3.56mn t during the same period last year..Asia-Pacific base oil prices had surged in first-half 2021 because of unusually tight supply-demand fundamentals.Regional prices have been unusually weak relative to crude and diesel so far this year even with export volumes at lower levels than last year.China was a key outlet for a large share of the export volumes during first-half 2021. The country’s imports have been lower this time round as lockdowns scuppered domestic demand.The weak demand freed up more overseas supplies to move to other markets. The country’s low domestic prices added to that surplus by prompting term buyers in China to redirect shipments to other outlets.Asia-Pacific base oil exports have held unusually steady even with the slowdown in Chinese demand.Export volumes have held in a narrow 675,000-710,000 t/month range since late last year.The large number of different producers in different regions has helped to balance out a change in supply from any one of the regions.Base oil exports from southeast Asia fell in May to a seven-month low of around 188,400t. The lower volume reflected a drop in supplies from Singapore and a slump in Group I shipments from Indonesia.Exports from northeast Asia rose in May to a six-month high of 514,750t amid a pick-up in shipments from South Korea, Taiwan and Japan..Asia’s April base oil exports ease
