Thailand recorded its lowest base oil exports since March 2017 in March, reversing a brief recovery in February, according to GTT data.
- Exports fell to a new low because inventories remained tight owing to production issues at both Thai refineries from December 2023 to February 2024.
- Thai producers prioritised the domestic market and term obligations, leaving little surplus for the spot market.
- Thai suppliers typically export Group I heavy grades, which are valued for their higher solvency and viscosity properties for products such as marine lubricants and metalworking fluids.
- The monthly average Argus-assessed Asia fob export price for Group I SN 500 rose to $905/t, the highest since January; while bright stock increased to $1,104/t, its highest level since August 2022.
- Bright stock gained more upward support because it is typically the hardest to replace with other base oil grades.
| Thailand's base oil exports | kl | ||||
| Countries | Mar'24 | Feb'24 | Feb'23 | m-o-m ± % | y-o-y ± % |
| Vietnam | 712.0 | 228.5 | 2,087.6 | 211.5 | -65.9 |
| China | 565.9 | 3,877.5 | 7,380.3 | -85.4 | -92.3 |
| Malaysia | 248.4 | 0.0 | 0.0 | NA | NA |
| Singapore | 21.5 | 8,943.2 | 13,714.1 | -99.8 | -99.8 |
| Total | 1,568.6 | 15,857.9 | 24,519.6 | -90.1 | -93.6 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
