The Europe, Middle East and Africa regions have seen base oil trade pick up in some areas, whilst other parts reported mundane activity with few new deals and transactions. The Baltic region appears to have been replenished with more Russian export API Group I material flowing from that hub than seen for several weeks previously. Middle East Group III supplies may be affected by a turnaround or at least significant maintenance work at Adnocs facility at Al Ruwais, U.A.E., with fewer cargo movements being announced out of that source.
The overall sentiment throughout the markets remains one where prices are firming, with renewed pressure from crude and feedstock gains which may ultimately be converted into higher numbers for of all types of base oil. Producers and sellers are keen to maintain the upward impetus of the last few weeks, and are seizing every reason possible to keep the momentum going.