The dust had just begun to settle from the most recent round – or was it two? – of U.S. base oil price hikes. Then came an announcement last week of more markups – the second in two weeks by Motiva, which was in the thick of conjecture earlier this month.
The Group II supplier stated Friday that it would add between 5 cents and 7 cents to its posted prices, effective yesterday. Observers said it was difficult to tell whether the company was following the lead of other suppliers, or trying to restore premiums over Group I stocks, or none of the above. Likewise they said it was hard to predict if more increases are in the wings.