European, Middle Eastern and African base oil markets appear to be stable now that upward price pressure has been alleviated by falling feedstock levels and the holiday seasons decreased demand.
Crude oil prices have weakened, with dated deliveries of Brent crude at around $44.80 per barrel late Tuesday. West Texas Intermediate crude has also slackened to $42.85 per bbl. ICE LS Gas Oil has also fallen some $25 per metric ton to $387/t, below $400/t for the first time since early May. These drops are mainly due to higher stock data being released and also demand in primary markets such as the Far East being challenged.
Base Oil Pricing Report Base Stocks Market Topics Other