Boring. Quiet. Slow, but after all, its January. Thats how most sources described the U.S. base oil market this week. One buyer volunteered, Theres a lot of oil out there. Im getting all kinds of offers. But most producers contended that the level of base oils in their tanks is about where they want it.
At todays spot prices, a source claimed, the Group I guys are losing money and the Group II guys are breaking even at best. No one is making any money. Buyers and sellers alike noted that mid-February traditionally brings a pick-up in demand, in anticipation of the spring driving season.
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