South Korea’s base oils exports to the US rose to an eight-month high in August, extending a strong rebound in shipments to the country.At the same time, exports to Europe rose to a three-year high in August, boosting supply of premium-grade base oils ahead of planned plant maintenance in the region at the end of the third quarter.South Korea’s base oils exports of 82,800 tonnes to the US in August rose from an already-high 64,800 tonnes in July, government data showed.The shipments lifted total exports to the US to more than 180,000 tonnes in the three months to August. The volume lagged only slightly South Korea's total shipments of 192,000 tonnes to the country in the first five months of the year.The rebound in shipments to the US partly reflected the completion of maintenance work on a key Group III base oils unit in South Korea early in the second quarter of the year.It also helped to boost South Korean refiners’ share of US Group III base oils imports.Their share fell sharply in the year to June amid a dip in total US imports of premium-grade base oils.Rising shipments from the Middle East then accounted for a growing share of the US’ shrinking imports. The shipments compounded the pressure on supplies from South Korea.The rebound in exports from South Korea in July and August added to already-plentiful supplies of Group III base oils in the US, while demand remained weak.US Group III base oils prices extended their slide relative to Group II prices and relative to other regions during the third quarter of the year, reflecting those weak supply-demand fundamentals.South Korea’s base oils exports to Europe rose even more sharply in August, to close to 46,000 tonnes.The volume rose from little more than 10,000 tonnes the previous month to the highest since first-half 2021.Almost 34,000 tonnes of the shipments were bound for the Netherlands and Belgium. The two countries are the main destinations for Group III shipments from South Korea.The unusually high export volume to Europe in August coincided with increasingly firm regional Group III prices relative to other markets.The rise in shipments also preceded planned maintenance work on a key Group III unit in Europe from the end of the third quarter of the year.The shipments were likely to cushion the impact of a drop in supplies from the plant during the maintenance work..S Korea’s August base oils exports rise.S Korea's Aug base oil exports to India rise.US’ July base oils imports stay firmer.Europe’s July Group III supply stays rangebound
South Korea’s base oils exports to the US rose to an eight-month high in August, extending a strong rebound in shipments to the country.At the same time, exports to Europe rose to a three-year high in August, boosting supply of premium-grade base oils ahead of planned plant maintenance in the region at the end of the third quarter.South Korea’s base oils exports of 82,800 tonnes to the US in August rose from an already-high 64,800 tonnes in July, government data showed.The shipments lifted total exports to the US to more than 180,000 tonnes in the three months to August. The volume lagged only slightly South Korea's total shipments of 192,000 tonnes to the country in the first five months of the year.The rebound in shipments to the US partly reflected the completion of maintenance work on a key Group III base oils unit in South Korea early in the second quarter of the year.It also helped to boost South Korean refiners’ share of US Group III base oils imports.Their share fell sharply in the year to June amid a dip in total US imports of premium-grade base oils.Rising shipments from the Middle East then accounted for a growing share of the US’ shrinking imports. The shipments compounded the pressure on supplies from South Korea.The rebound in exports from South Korea in July and August added to already-plentiful supplies of Group III base oils in the US, while demand remained weak.US Group III base oils prices extended their slide relative to Group II prices and relative to other regions during the third quarter of the year, reflecting those weak supply-demand fundamentals.South Korea’s base oils exports to Europe rose even more sharply in August, to close to 46,000 tonnes.The volume rose from little more than 10,000 tonnes the previous month to the highest since first-half 2021.Almost 34,000 tonnes of the shipments were bound for the Netherlands and Belgium. The two countries are the main destinations for Group III shipments from South Korea.The unusually high export volume to Europe in August coincided with increasingly firm regional Group III prices relative to other markets.The rise in shipments also preceded planned maintenance work on a key Group III unit in Europe from the end of the third quarter of the year.The shipments were likely to cushion the impact of a drop in supplies from the plant during the maintenance work..S Korea’s August base oils exports rise.S Korea's Aug base oil exports to India rise.US’ July base oils imports stay firmer.Europe’s July Group III supply stays rangebound
