The U.S. base oil market is quiet this week, with year-end holidays in full swing. Most supply partners worked out any last minute deliveries for 2007 late last week, sources said.
Some fresh inquiries for naphthenics emerged from Asia, but details have yet to be sorted. Apparently a sizeable Japanese buyer is searching for supply of several pale oils from the U.S. for staggered shipments during 2008.
Crude oil values, which had popped back up to around $94 per barrel on Friday, eased slightly on Monday during thin trading.
Traders and analysts expected that predicted warmer weather in coming weeks in the Northeast could drive crude values back to the low $90s, but as of Monday afternoon, values were holding at over $93/bbl. At the close of the NYMEX session on Monday, light sweet crude settled for the day at $94.13 per barrel,up $4.05 from the Dec. 18 settlement at $90.08/bbl. U.S. markets were shuttered yesterday for the Christmas holiday.
Posted prices are unchanged this week.
Carolyn L. Green, based in Houston, can be reached directly at carolynlgreen@gmail.com.
Historic U.S. posted base oil prices and WTI and Brent crude spot prices are available for purchase in Excel format.