Singapore's base oil imports rose for the fourth consecutive month, boosting volumes to the highest since August 2023 and above the five-year monthly average of 66,000t, GTT data show.
- Imports rose on the back of stronger factory activity, which grew at the fastest rate since June 2021. Manufacturing output increased by 21pc on the year, and by 6.7pc on a seasonally adjusted month-on-month basis, according to data from the Economic Development Board.
- Qatari supplies almost tripled compared to a month earlier, as well as compared to the five-year monthly average of 7,800t — making up for a shortfall in South Korean cargoes. Both Qatar and South Korea produce premium-grade supplies, while Singapore's refineries produce Group I and II base oils.
- Russian bulk volumes were imported for the first time in almost three years, with the last shipment above 1,000t recorded in October 2021. Exports from Russia to Singapore have declined in size and frequency since late 2021.
- Russian exports are typically for Group I base oils as the country is predominantly a Group I producer, and it is subject to a price cap of $100/bl if they rely on western service providers for insurance, shipping or finance.
- Asia's structural shortage of Group I base oils likely supported interest in Russian cargoes, despite greater logistics or financing challenges in procuring the latter.
| Singapore's base oil imports | t | ||||
| Aug'24 | m-o-m ± % | y-o-y ± % | Jan-Aug'24 | y-o-y ± % | |
| Qatar | 21,353 | 171.9 | 268.2 | 110,646 | 117.8 |
| Russia | 12,417 | 3,004.2 | NA | 12,873 | NA |
| US | 9,082 | -37.5 | 331.2 | 59,676 | 1,148.5 |
| South Korea | 4,368 | -69.7 | -70.4 | 74,010 | -16.1 |
| Thailand | 4,282 | 5.7 | 123.5 | 26,190 | 1.3 |
| Total | 68,600 | 15.2 | -13.9 | 400,239 | -22.4 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
