INSIGHT Base Oil Report
Samantha Wright, Senior Editor Manager
Europe European domestic base oil prices remained unchanged across all three groups in mid-November, as trading activities remained relatively subdued. Minor transport-related logistics issues persisted for some market players, hindering import opportunities.
Availability is ample in the domestic Group I market, while Group II faced some tightness in the first half of November. European export prices were stable to soft, dependent on grade, while Baltic Sea and Black Sea export values remained stable.
The export markets are relatively quiet, though logistical issues with rail cars in Russia are causing some tightening in the Baltic Sea market.
US
US base oil prices generally extended losses in mid-November, on improved availability of several grades and reduced demand. Only Group III 4cSt has held firm at high levels, reflecting ongoing shortages and strong demand.
Orders have continued to slow as market players manage year-end inventory levels and remained constrained by additive and packaging shortages.
Asia
Asian Group I prices were largely steady in the first half of November, while brightstock prices slipped down. The market is currently faced with lengthy supply and lukewarm demand.
The lack of buying interest is largely due to the lacklustre downstream automotive sector. Group II values were also steady to weak this week.
LINK
www.icis.com
Difficulties in securing vessels and rising freight costs further hampered deals and discussions for base oils cargoes. Group III prices were maintained on the lack of deals and offers of South Korean material.
Middle East
Middle East base oils prices were stable to soft in mid-November, with the market generally well supplied.
Downstream finished product demand remained generally sluggish, and this is expected to be the general trend for the rest of the year.
Group I supply is expected to be fairly balanced in the coming months, while Group II import availability is anticipated to be limited.
LUBE MAGAZINE NO.166 DECEMBER 2021
47
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