US base oils to rise 20 cents/gal on crude

22 April 2008 21:37  [Source: ICIS news]

HOUSTON (ICIS news)--Several US base-oils producers announced price increases of 20 cents/gal ($60/tonne), following a round of such hikes that ExxonMobil made on all grades of paraffinic base oils, buyers said on Tuesday.

All Group I producers, including Sunoco, Citgo, Valero and Calumet, stepped out with increases with effective dates staggered between 22 April and 25 April, depending on the supplier.

Valero and Calumet issued increase announcements of plus 20 cents/gal on Group II products as well.

ExxonMobil's increases became effective on Tuesday.

Record prices for feedstock crude oil and vacuum gas oil (VGO) were driving the increases, a seller said.

Crude oil rose to a record $119.86/bbl in New York as the US dollar dropped to an all-time low against the euro. Oil prices are up 89% from one year ago, according to global chemical market intelligence service ICIS pricing.

By: Heather McGuire Doyle
+1 713 525 2653

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 3 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly