Three API Group I and II base oil producers jumped on the band wagon this week, joining the other major paraffinic producers that decreased prices in recent weeks. This latest wave of cuts ranged from 20 to 65 cents per gallon.
Effective Feb. 6, Chevron knocked 40 to 55 cents/gal from its Group II posted prices. The company pushed down its 100R by 55 cents/gal, shaved the 220R posting by 40 cents/gal and chopped 600R by 50 cents/gal. Chevron said the main reason behind these adjustments was the unsteadiness seen in the current market conditions.