Following several price reduction announcements last week, a barrage of other price notices tallying between minus 10 to 40 cents per gallon swept through the market this week impacting both paraffinic and naphthenic base stocks.
As recently as two months ago, posted prices from base oil producers were on the rise. Naphthenic and Group I producers were the first to step out with higher prices during March. It took another several weeks, but the gates finally opened the week of April 16, when Group II and III producers came out with posting revisions.
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