With mark-ups announced by Citgo last week, the U.S. naphthenic base oil market wrapped up a round of price hikes that stretched out nearly a month. Marketers warned that further increases could be just around the corner, thanks to high-flying costs for crude oil.
Citgo raised prices for most naphthenic stocks by 5 cents per gallon, effective Sept. 20. A few of its process oil cuts remained unchanged. The Tulsa, Oklahoma-based refiner was the last principal U.S. naphthenic refiner to join a round of increases that began Aug. 23 when Valero implemented an across-the-board hike of 5 cents per gallon.