EMEA Weekly Base Oil Report 17.03.20

As Covid-19 spreads across the globe, businesses and trade have been subjected to a number of restrictions and travel bans. Lockdowns in Spain and Italy are taking their toll, with most businesses closing down for the foreseeable future, endangering economies further.

Markets will take some considerable time to recover, with the effects now anticipated to drag on for months, if not years. In fact so far the full effects of coronavirus are yet to filter through many countries with some only starting to encounter the fallout from the pathogen. read more

EMEA Weekly Base Oil Price Report 10.03.20

EMEA Base Oil Price Report

As if the coronavirus epidemic were not enough, an international dispute between two of the world’s biggest oil producers, Saudi Arabia and Russia, has triggered a price war and sent the price of crude spinning to its fastest fall since 1991.

Brent crude oil is down almost 50 percent this year and equity markets have tumbled across the globe. Monday saw one of its worst days since the Great Recession in 2008. Ironically the turmoil has come out of failed efforts to shore up the price by OPEC, which counts for around 30 percent of global production, and OPEC+. read more

EMEA Weekly Base Oil Price Report 04.03.20

EMEA Base Oil Price Report

As the Covid-19 coronavirus spreads, base oil markets are anxiously awaiting some form of respite. Markets are slowing in many areas with demand for finished lubricants expected to fall further over the coming months.

Crude prices have retreated to new lows following alarm bells ringing for major economies like China and Japan. Dated deliveries of Brent crude had almost crashed through the $50 mark, but responded on Monday to post at $51.70 per barrel for May front month. West Texas Intermediate crude has also fallen and is now at $46.75/bbl, still for April front month. read more