U.S. base oil market fundamentals continue steady, with supply largely balanced alongside still-healthy demand for many grades. Posted prices are unchanged, but buyers and sellers are keeping a very close eye on upstream developments as crude values are holding at lofty levels. And Chevron and Holly sales allocation have now been removed.
A Chevron spokesperson said that its 20,000 barrel per day Group II Richmond, Calif., plant is back up and running, and the company has eliminated its allocation program on all grades of base oil effective immediately. Chevron completed its emergency shutdown ahead of schedule and without incident. During the past week, Holly Refining and Marketing also removed its 50 percent sales control on its bright stock, a plan that had been under way for about four months.