Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

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Commodities

<ul><li>Cargo with a combination of light and heavy Group II base oils set to load from Taiwan in the coming days, with China the likely destination.</li><li>Cargo is the first in second-half April, amid a sharp slowdown in flows compared with first-half April.</li><li>Large cargo loaded from Taiwan in early April before heading to India, set to arrive in the coming days.</li></ul>

Cargo with a combination of light and heavy Group II base oils set to load from Taiwan in the coming days, with China the likely destination.Cargo is the first in second-half April, amid a sharp slowdown in flows compared with first-half April.Large cargo loaded from Taiwan in early April before heading to India, set to arrive in the coming days.

Global Base Oils Cargo Flows: Week To 24 April

<ul><li>Pace of cargo loadings from Taiwan slowed in the past week, with most of this month’s shipments bound for India and Southeast Asia.</li><li>Two cargoes of Group II base oils loaded from Taiwan in early April before heading to India, set to arrive in the coming days.</li><li>Singapore took delivery of a large shipment from the Netherlands, that was likely arranged before the supply disruptions from end-February.</li></ul>

Pace of cargo loadings from Taiwan slowed in the past week, with most of this month’s shipments bound for India and Southeast Asia.Two cargoes of Group II base oils loaded from Taiwan in early April before heading to India, set to arrive in the coming days.Singapore took delivery of a large shipment from the Netherlands, that was likely arranged before the supply disruptions from end-February.

Global Base Oils Cargo Flows: Week To 17 April

<ul><li>Asia's March export surge deferred the impact of supply disruptions into the second quarter, but masking underlying shifts in trade flows</li><li>Singapore's exports held near a one-year low in the month to 15 April with volatile weekly flows and lower run rates pointing to tightening supply</li><li>South Korea's March exports hit a five-month high, partly covering lost Middle East Group III flows to the US, but cargo loadings showed signs of slowing in April</li></ul>

Asia's March export surge deferred the impact of supply disruptions into the second quarter, but masking underlying shifts in trade flowsSingapore's exports held near a one-year low in the month to 15 April with volatile weekly flows and lower run rates pointing to tightening supplySouth Korea's March exports hit a five-month high, partly covering lost Middle East Group III flows to the US, but cargo loadings showed signs of slowing in April

Base Oils and Lubricants: Weekly Global Market Review - 17 Apr '26

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.</li>
<li>Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.</li>
<li>At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.</li>
</ul>


The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.
Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.
At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.


<ul><li>Americas demand rose year on year for a seventh month as surging US consumption offset a drop in Latin America demand for a third month.</li><li>Rising demand contrasted with a fall in Americas supply.</li><li>Europe’s lubricants demand fell for a third month, but at a slower pace than the fall in base oils supply.</li></ul>

Americas demand rose year on year for a seventh month as surging US consumption offset a drop in Latin America demand for a third month.Rising demand contrasted with a fall in Americas supply.Europe’s lubricants demand fell for a third month, but at a slower pace than the fall in base oils supply.

Global Base Oils Supply-Demand Balance Tightens In January

China

PetroChina is a Chinese oil and gas company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas, as well as new energy operations. It also refines crude oil and petroleum products, produces and markets petrochemical products, and sells natural gas. The company was founded on November 5, 1999, and is headquartered in Beijing, China.

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PetroChina (857 HK)

Global Base Oils Cargo Flows: Week To 24 April

Cargo with a combination of light and heavy Group II base oils set to load from Taiwan in the coming days, with China the likely...

Base Oil News

Global Base Oils Cargo Flows: Week To 17 April

Pace of cargo loadings from Taiwan slowed in the past week, with most of this month’s shipments bound for India and Southeast Asia. Two cargoes of...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 17 Apr '26

Asia's March export surge deferred the impact of supply disruptions into the second quarter, but masking underlying shifts in trade...

Base Oil News

HONG KONG ALPHA PORTFOLIO: (March 2026)

Guoquan Food announced that management sold a 4.74% stake at a discounted price of $3.8 to boost the liquidity of the shares. We viewed the move...

David Mudd

Global Base Oils Supply-Demand Balance Tightens In January

Americas demand rose year on year for a seventh month as surging US consumption offset a drop in Latin America demand for a third month. Rising...

Base Oil News

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