The United States base oils market was starting to awaken from its hibernal slumber, as more buyers sought fresh cargoes and producers readied for additional shipments. The more avid buying interest was partly attributed to the posted price decreases implemented in January, which seemed to stimulate orders. SK Lubricants Americas communicated an additional price decrease for one of its API Group II+ grades this week. Severe winter weather across the U.S. was expected to cause transportation and supply issues.
SK will be dropping the posted price of its Group II+ 70N grade by 95 cents per gallon, effective Feb. 1. The supplier will not be adjusting other grades. The revision was intended to bring prices in line with current market prices.
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