U.S. naphthenic suppliers welcomed 2003 with price hikes, and sources throughout the base oil market warned that coming weeks could be turbulent. Existing and potential disruptions from Venezuela to Iraq and Korea threaten to choke supply.
Calumet Lubricants and Valero Corp. announced naphthenic price hikes effective tomorrow. Calumet is raising its prices by 8 cents and 10 cents per gallon, Valero by 3 cents and 5 cents per gallon. Other naphthenic suppliers were said to have raised prices, too, but could not be reached for confirmation.