Growing supply levels and slowing demand continued to exert pressure on spot prices in Asia, and although numbers were lower than last week, the drops were more moderate. Producers focused on finding a home for their surplus material, not only within the region, but in faraway destinations such as Latin America. However, logistical difficulties and freight rates hampered some of these transactions.
While crude oil and feedstock prices have also softened compared to highs seen in March and as recently as July, but they rose during the week as there was talk about OPEC+ producers trimming output in order to support prices.
Base Oil Pricing Report Market Topics Other