EMEA Base Oil Price Report
Despite a retreat by crude oil costs, base oil prices have started to rise across Europe, the Middle East and Africa thanks to lack of availabilities, particularly for API Group I base stocks.
It’s possible that demand has improved, but the hikes in base oil values stem from buyers not being able to locate supplies, not a large increase in offtake rates.
Group II prices also firmed, thanks in part to increased and higher prices in the United States, from whence a fair portion of European supplies are sourced. Group III values are static but face some upward pressure because of the markups for Group I and II oils. In addition, Group III availability may tighten due to maintenance shutdowns at multiple plants.