The President’s Day holiday on Monday led to a slow start to the week, but participants expected business to pick up the pace over the next few days as lubricant manufacturers have started to build base oil inventories for the spring production cycle. There were expectations of a robust driving season compared to the previous three years as most COVID-related restrictions have dissipated. Many people who had postponed travel plans were expected to take to the road this summer, leading to an increase in fuels and lubricants consumption. A freezing winter storm sweeping through parts of the United States may cause traffic and power disruptions this week.
Sources also commented that the quest toward clean, energy-efficient transportation and growing demand for electric vehicles in North America and Europe would also be driving many changes in lubricants segments this year.