Declines in crude oil and feedstock prices caused a pause – at least temporarily – on the upward pressure for base oil prices. It is too early for these changes to be passed on to base oil values, but some buyers have already called for downward corrections.
Dated deliveries of Brent crude posted at $62.70 per barrel in late trading on Monday in London, up from Fridays $61.74/bbl, which was the lowest price of the young year. Both prices were for April front month. West Texas Intermediate crude went for $59.35/bbl for March settlement Monday, while ICE LS gas oil traded at $556 per metric ton, still for February front month, down almost $50/t in the week.