Chevron and SK enmove communicated posted price decreases this week, which will go into effect on March 28 and April 1, respectively. It was not surprising to see price adjustments as demand has been muted, and many attributed this to high base oil prices and market uncertainties. Suppliers had hoped that more encouraging signs of a pickup in demand would emerge by the end of month, but March is coming to an end without significant changes.
Chevron informed its customers that effective March 28, the company’s U.S. Gulf Coast posted prices would “decrease to reflect current market conditions.” Chevron’s API Group II 100R was lowered by 30 cents per gallon, and its 220R and 600R grades by 40 cents/gal.
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