Chevron announced that it moved prices, effective Monday, upward by 10 cents/gallon, corresponding to moves by other producers in late May and earlier this month. Otherwise the base oil market was quiet this week, relatively balanced regarding supply, and with no other announced pricing movements. Plants were generally reported to be running well.
Some buyers report they are considering offshore purchases, bolstered by a favorable arbitrage situation due to recent downward pricing moves in Europe coupled with the recent increase in the United States. Despite strengthening crude prices, U.S. base oil prices have held this past week, presumably due, at least in part, to lower spot gasoline prices.