INSIGHT


Samantha Wright, Senior Editor Manager


Base Oil Report


Europe European domestic Group I and II prices were steady in mid-November, against a backdrop of healthy availability and subdued demand. Players were discussing 2025 contracts and assessing volume requirements. Group III spot prices were stable to weak dependent on grade. Supply of 4cSt remained more readily available than heavier grades. European export Group I spot prices were steady with minimal activity and very limited offers persisting.


US


In mid-November, US domestic prices extended losses as supplies outpaced weak demand. Supplies were balanced to long, but demand was slowing as buyers halted purchases and destocked. Another factor that will weigh on automotive demand is the looming transition by end Q1 to the new GF-7 motor oil specifications. Export prices were steady in mid-November, but downward pressure remained as refiners looked to reduce inventories ahead of the end of the year.


Asia


In Asia, overall market sentiments in the key markets of China and India remained weak for light grades, while limited availability of heavy and extra-heavy grades remained an ongoing theme and market driver. In India and China, grades with relatively ample local supply continued to stifle import talks.


Middle East


Middle East spot Group I prices were stable-to-soft in mid-November, as expectations of a seasonal cutback in demand in Q4 combined with sufficient local availability weighed on the market. Supply constraints persisted on the spot high VI Group I import front. However


contractual volumes imported were offered in the local ex-tank UAE markets, and some softness emerged for these on the back of reduced buying interest in Q4, and sufficient Group II local availability.


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LUBE MAGAZINE NO.184 DECEMBER 2024


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