Base oil prices in Europe, the Middle East and Africa are mostly stable, with a few exceptions, thanks to lower crude and feedstock prices. That stability may already be coming under pressure, though, since crude prices have already rebounded.
API Group I prices are stable for now, with the threat of tightening supply minimized by the upcoming holiday season. Some sellers are starting to lift prices in offers, citing recent rises in raw material costs. These efforts are being strenuously contested by buyers, who are slowing down purchasing commitments while awaiting resumption of full trading in September.