As the Covid-19 coronavirus spreads, base oil markets are anxiously awaiting some form of respite. Markets are slowing in many areas with demand for finished lubricants expected to fall further over the coming months.
Crude prices have retreated to new lows following alarm bells ringing for major economies like China and Japan. Dated deliveries of Brent crude had almost crashed through the $50 mark, but responded on Monday to post at $51.70 per barrel for May front month. West Texas Intermediate crude has also fallen and is now at $46.75/bbl, still for April front month.