The Europe, Middle East and Africa markets are mostly back to work after the holidays, but attitudes toward base oil appear to have changed little during players absences.
With some respite from weaker crude and feedstock prices, theres less pressure for trying to raise base oil prices, although some sellers are still trying. More than one European supplier is determined not to sell below cost. Some cargoes which were paid for prior to year-end are still being loaded. This may confuse the market since some of these parcels were sold very low to achieve inventory status.
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