04 June 2008 16:19 [Source: ICIS news]
LONDON (ICIS news)--Availability in the European base oils market is beginning to show a stark improvement following a period of prolonged tightness, buyers said on Wednesday.
“The last couple of weeks have been extremely tight. We had reduced quantities from our main supplier, and while we were able to get material from the market it’s really been a challenge. Now there seem to be less and less problems finding product,” a buyer in the European domestic market said.
The export market was also expected to see considerably more product in the coming weeks, with several refiners showing availability for June lifting.
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The tight supply situation coupled with record high crude and feedstock values in recent weeks have seen values power to stellar heights.
The last fixed price spot deals were reported at €1,230/tonne for SN150, $1,235/tonne for SN500 and $1,335/tonne for brightstock, all on a FOB (free on board) Europe basis.
Base oils are used in the manufacture of lubricants and metal working fluids and as a diluent in additive packages.
($1 = €0.65)
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