The first full week of 2009 was a bit disconcerting to participants in the U.S. base oil market. Demand remained thin alongside ample supply and still-high prices, according to some buyers. Crude oil values heading upward, gaining about $10 per barrel in a weeks time, gave added concern to market players.
Nynas said it will cut the price of its naphthenic oils by 50 cents per gallon on Monday, Jan. 12. This action followed other naphthenic producers who had issued downward adjustments of 30 to 50 cents per gallon in recent weeks. Sources say pale oils are now selling in the range of $1.85 to $2.95 per gallon, depending on grade and end use.