Maxed-out inventories at year-end are just adding to a list factors perpetuating the downward spiral of base oil prices.
Crude and feedstock levels crashed to new lows following OPECs decision not to cut current production. With West Texas Intermediate and Dated Brent falling below $70 per barrel Monday, forecasts were vindicated. Dated Brent rallied a little, to $70-$71 for front month settlement. ICE gas oil plunged to around $632 per metric ton, some 30 percent lower than three months ago.
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