Several other producers commented that they would contemplate following the FHR action, but not this week. They elaborated that this is a time when many participants are absent from the marketplace for the mid-week Fourth of July holiday.

Suppliers also pointed out that dropping posted prices so soon after the last round was a paperwork nightmare for some downstream segments, reiterating that to keep up with too many price moves in such a short time was a hassle. Plus, crude values had become very volatile over the past few days, and appeared to be on the rise, suppliers added. Some analysts are now suspecting that oil prices could be heading back to the $100 per barrel mark.

The 50 percent sales allocation that had been enforced by Motiva for its Group II Star 6 (220 vis) has now been lifted. Direct customers said that the major officially removed the restriction this week.

Meanwhile, a planned 25-day turnaround at Motivas Port Arthur, Texas, facility on one of its three base oil trains, is expected to get under way before or by mid-July.

At the close of the Tuesday, July 3, CME/Nymex session, front month light sweet crude oil futures ended the day at $87.66 per barrel, gaining a whopping $8.30/bbl from last weeks settlement at $79.36.

Brent crude was trading at $100.50/bbl at the end of the day yesterday, substantially higher by $7.50/bbl from its week-ago level at $93. LLS (Light Louisiana Sweet) crude was trading at a premium of about $12.90/bbl to WTI on Tuesday.

Historic U.S. posted base oil prices and WTI and Brent crude spot prices are available for purchase in Excel format.