Oxford University Press, publisher of the Oxford dictionaries, declared the word selfie – a self-portrait taken with a smartphone – word of the year for 2013. If the U.S. base oil industry were to take a selfie now, what would it look like?
Would the image portrayed there be staring back with a worried countenance? Probably. Although 2013 was a fairly uneventful year in terms of base stock posted price fluctuations – with only about three rounds of adjustments completed on the paraffinic side through mid- December – most participants would agree that the industry is getting jittery about its prospects in 2014, when additional product from the new Chevron plant in Pascagoula, Miss., is expected to make its big entrance into the global supply system.