Several more base oil suppliers announced or imposed price hikes during the past week, but three Group II producers have not joined the latest round of increases. Crude oil costs, meanwhile, retreated to their lowest levels in nearly a month.
Sunoco and Valero both imposed markups similar to previous movements by ExxonMobil, Citgo and Calumet. Sunoco and Valero – which supply primarily Group I stocks – added 10 cents per gallon to posted prices for grades 165 SUS and lighter and 13 cents to all other cuts, effective June 8 and 12, respectively. Group III importer SK raised all of its postings 13 cents June 9.
Chevron, which produces mostly Group II stocks, said it will add 13 cents to postings for its light- and medium viscosity products and a dime to its heavy grade, effective tomorrow. But there was no announcement by the end of business yesterday of changes from Motiva, ConocoPhillips andFlint Hills Resources – among the continents largest suppliers of Group II oils.
The markets principal producers typically change prices as a group, so it would be unusual for the remaining companies not to impose markups.
The price of crude on the New York Mercantile Exchange closed yesterday at $68.52 per barrel, according to Bloomberg, which called it the exchanges lowest closing since May 19. Yesterdays price was $3.93 lower than a week ago. The Associated Presssaid analysts attributed the drop to worries about inflation and indications that global growth in energy demand may be slowing.
Historic U.S. posted base oil prices and WTI and Brent crude spot prices are available for purchase in Excel format.