Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

COSCO SHIPPING Development / Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> now 5% through. CATL 10% through will help.</li>
<li>It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 23 May 2025):  AH Premia Contract, H Premia Names Perform Best; Batteries!

Global Editor, Base Oil News

Iain Pocock

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Global Base Oils and Lubricants Markets

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<ul><li>Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension of those shipments to Europe and the Americas</li></ul><ul><li>Asia's summer surplus is smaller than usual as open arbitrage kept more barrels moving to the Americas and Europe.</li><li>Cargoes that loaded in July and August are now reaching those destinations, partially offsetting tighter US and Middle East supply.</li></ul>

Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension of those shipments to Europe and the AmericasAsia's summer surplus is smaller than usual as open arbitrage kept more barrels moving to the Americas and Europe.Cargoes that loaded in July and August are now reaching those destinations, partially offsetting tighter US and Middle East supply.

Base Oils and Lubricants: Weekly Global Market Review - 18 Sep '26

<ul><li>A larger-than-usual cargo with a combination of Group II light and heavy grades was set to load from Taiwan in the coming days, with India a likely destination.</li><li>A large cargo of Group II base oils loaded from Taiwan at end-August headed to India, with arrival due this week.</li><li>A large cargo with a combination of Group II light and heavy grades loaded from Taiwan at end-July headed to the US Gulf coast, with arrival due in late-September.</li></ul>

A larger-than-usual cargo with a combination of Group II light and heavy grades was set to load from Taiwan in the coming days, with India a likely destination.A large cargo of Group II base oils loaded from Taiwan at end-August headed to India, with arrival due this week.A large cargo with a combination of Group II light and heavy grades loaded from Taiwan at end-July headed to the US Gulf coast, with arrival due in late-September.

Global Base Oils Cargo Flows: Week To 18 September

<ul><li>Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one likely bound for India.</li><li>A cargo of Group II base oils loaded from Taiwan in late July was set to reach East Coast South America at the end of this week.</li><li>Singapore took delivery of more base oils from the Netherlands, adding to a shipment from the same country last week.</li></ul>

Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one likely bound for India.A cargo of Group II base oils loaded from Taiwan in late July was set to reach East Coast South America at the end of this week.Singapore took delivery of more base oils from the Netherlands, adding to a shipment from the same country last week.

Global Base Oils Cargo Flows: Week To 11 September

<ul><li>The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave less supply available to absorb further disruptions</li></ul><ul><li>The base oils market is approaching the fourth quarter with less surplus than usual, after the third-quarter slowdown failed to produce the usual supply build.</li><li>China and India are putting more pressure on available barrels, with China's Group II balance tightening as India's demand extends its recovery.</li></ul>

The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave less supply available to absorb further disruptionsThe base oils market is approaching the fourth quarter with less surplus than usual, after the third-quarter slowdown failed to produce the usual supply build.China and India are putting more pressure on available barrels, with China's Group II balance tightening as India's demand extends its recovery.

Base Oils and Lubricants: Weekly Global Market Review - 11 Sep '26

China

Sinopec Shanghai Petrochemical Co., Ltd. processes crude oil into a broad range of synthetic fibers, resins and plastics, intermediate petrochemical products and petroleum products.

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Sinopec Shanghai Petroche A (600688 CH)

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH Premia contract again. Interestingly, the best performing tranche of discount was stocks where Hs trade at a premium to As. BYD squeezed. CATL a...

Travis Lundy

Base Oils and Lubricants: Weekly Global Market Review - 18 Sep '26

Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension...

Base Oil News

Global Base Oils Cargo Flows: Week To 18 September

A larger-than-usual cargo with a combination of Group II light and heavy grades was set to load from Taiwan in the coming days, with India a...

Base Oil News

Global Base Oils Cargo Flows: Week To 11 September

Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 11 Sep '26

The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave...

Base Oil News

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