The EMEA base oil market continues to show weakness in demand circles, which is contributing to a general lowering of price levels this week, but …
Refiners are facing a double edged sword. On one hand, many inventories are high and are moving at lower than acceptable prices. On the other, the crack between base and gas oils is such that ICE gas oil front month trading has overtaken many lower end base oil offers. To most refiners, this is untenable, and they are forecasting that spreads will not continue much longer at these levels.
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