Additional base oil producers joined those suppliers that had announced posted price increases last week by stepping out with initiatives of their own. The price revisions pushed prices up by 15, 20, 25 and 30 cents per gallon, depending on the product and the seller, on the back of mounting production costs, snug supply and tightening feedstock availability.
Some of the factors affecting pricing were not directly related to the base oil market per se, but they impacted oil and natural gas imports and feedstock availability. One of them was the ongoing Russian war on Ukraine that has prompted a United States ban on imports of Russian crude oil and other refined products, and this was anticipated to result in reduced availability of vacuum gas oil, which Russia exports in large quantities.
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