The base oils market remains extremely tight, even as refineries resume operations following unplanned shutdowns caused by freezing weather along the United States Gulf Coast in mid February. A vast majority of paraffinic and naphthenic producers have implemented price increases, while spot indications also continued to rise due to the lack of supply for spot transactions.
Base oil producers implemented a round of posted price increases that raised values by 25 to 45 cents per gallon, depending on the grade and the producer, between Feb. 19 and March 3. This round came on the heels of two previous initiatives since last December.
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