Equilibrium in the EMEA base oil market would be a welcome scene for both producers and buyers, as long as sellers see acceptable margins and buyers can access sufficient quantities and receive a decent contribution from sale of finished lubricants.
Other parts of the crude slate are relatively stable. ICE gas oil front month numbers are trading marginally higher than last week, around $1007 per metric ton. Brent crude continues to hover around $118 to $119 per barrel, with the heat from the Iranian stand-off turned down a little. The vacuum gas oil crack is still high, and with firm demand for this feedstock, producers could try to push base oil prices higher.
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