Supply and demand appeared to be better balanced in Asia, following production cutbacks, plant turnarounds, export transactions and a pickup of activity in certain segments, which lifted some of the downward pressure on spot pricing. In fact, some indications inched up, while other numbers held at steady levels from the previous week.
Market participants kept a watchful eye on crude oil and feedstock prices and economic indicators as well, as concerns about inflation and a potential worldwide recession were still looming on the horizon. These uncertainties impacted consumer confidence and spending, which in turn affected demand for lubricants and other finished products.
Base Oil Pricing Report Market Topics Other