Despite market participants’ expectations that additional price revisions would follow the posted price decreases announced by Chevron and SK enmove last week, no other adjustments surfaced by close of business on Tuesday. Over the weekend, OPEC+ had communicated the organization’s decision to curb crude oil output, making oil futures surge by close to 6% on Monday. The steeper crude oil prices may have forced producers to reconsider base oil price adjustments and kept many players on the sidelines.
For the time being, it appears that some suppliers may continue to resort to temporary value allowances or adjustments to encourage domestic orders, as well as lower spot prices to attract export business.
Base Oil Pricing Report Base Stocks Market Topics Other