There is considerable debate running through base oil markets about the direction that prices are headed. Some producers are intent on pushing them higher, and indeed one major announced large across-the-board hikes for Group I values last week. Others seem to be leaning toward discounts, and the upshot this week has been for levels to mostly stabilize.
The confusion owes partly to falling crude and feedstock levels, which have encouraged some buyers to hope that base oil prices have peaked and now will drop. One source speculated that the markups by the aforementioned major might have been planned during the most recent crude run-up.