Asia’s lube demand stayed firm in June, limited a build-up of surplus supplies ahead of a seasonal slowdown in consumption during the third quarter of the year.The smaller surplus extended a trend since March, when persistently strong demand prevented any significant build-up of surplus volumes.Asia’s base oils prices rose strongly relative to regional gasoil prices since February and into the third quarter of the year, reflecting the tighter supply-demand fundamentals.Asia’s lube demand of close to 790,000 tonnes in June fell from more than 900,000 tonnes in May to a four-month low, government and industry data showed.The volume excluded China.Consumption still rose by 6% in June and for a third month from year-earlier levels.Demand rose as growing consumption in markets like Thailand, Philippines and India countered a drop in demand in Japan and South Korea.The sharp fall in demand from May exceeded the drop in Asia’s base oils supply, but only just.Total supply of less than 870,000 tonnes in Asia in June fell from more than 950,000 tonnes the previous month.The surplus of supply over demand duly widened to a four-month high of close to 80,000 tonnes in June, up from less than 50,000 tonnes in May.The surplus was still unusually small.The surplus of close to 150,000 tonnes in the second quarter was down from almost 240,000 tonnes in the first three months of the year and from more than 480,000 tonnes during the same period last year.The surplus shrank this year even with supply of around 2.70 million tonnes in the second quarter holding steady from year-earlier levels.The dynamic instead reflected a more-than 10% rise in demand to around 2.50 million tonnes in the second quarter versus the same period last year.Asia’s base oils prices slumped relative to diesel prices during the third quarter of last year, reflecting the weaker supply-demand fundamentals at that time..Thailand’s June lube demand rises.Japan’s June base oils output falls.India’s July lube demand holds firm.Pakistan’s June base oils supply stays higher
Asia’s lube demand stayed firm in June, limited a build-up of surplus supplies ahead of a seasonal slowdown in consumption during the third quarter of the year.The smaller surplus extended a trend since March, when persistently strong demand prevented any significant build-up of surplus volumes.Asia’s base oils prices rose strongly relative to regional gasoil prices since February and into the third quarter of the year, reflecting the tighter supply-demand fundamentals.Asia’s lube demand of close to 790,000 tonnes in June fell from more than 900,000 tonnes in May to a four-month low, government and industry data showed.The volume excluded China.Consumption still rose by 6% in June and for a third month from year-earlier levels.Demand rose as growing consumption in markets like Thailand, Philippines and India countered a drop in demand in Japan and South Korea.The sharp fall in demand from May exceeded the drop in Asia’s base oils supply, but only just.Total supply of less than 870,000 tonnes in Asia in June fell from more than 950,000 tonnes the previous month.The surplus of supply over demand duly widened to a four-month high of close to 80,000 tonnes in June, up from less than 50,000 tonnes in May.The surplus was still unusually small.The surplus of close to 150,000 tonnes in the second quarter was down from almost 240,000 tonnes in the first three months of the year and from more than 480,000 tonnes during the same period last year.The surplus shrank this year even with supply of around 2.70 million tonnes in the second quarter holding steady from year-earlier levels.The dynamic instead reflected a more-than 10% rise in demand to around 2.50 million tonnes in the second quarter versus the same period last year.Asia’s base oils prices slumped relative to diesel prices during the third quarter of last year, reflecting the weaker supply-demand fundamentals at that time..Thailand’s June lube demand rises.Japan’s June base oils output falls.India’s July lube demand holds firm.Pakistan’s June base oils supply stays higher
