ExxonMobil to raise Asian base oils prices by $50/tonne

09 February 2011 06:38  [Source: ICIS news]

SINGAPORE (ICIS)--Oil major ExxonMobil is increasing Asian base oils term prices by $50/tonne (€37/tonne), its second increase this month, said the company’s customers on Wednesday.

The price hike for Group I and II base oils will be implemented on 16 February, just two weeks after it raised offers by $20-60/tonne.

Singapore ex-tank prices for SN-150 and 150 neutrals will go up to $1,183-1,188/tonne. Offers for SN-500 and 500 neutrals will be at $1,257-1,262/tonne ex-tank, while brightstock prices will be revised to $1,463-1,468/tonne ex-tank.

ExxonMobil declined to comment on the price revision.  

The pace of the price hike did not surprise some of its customers.

“Exxon’s supplies in Asia are tight. They have already been moving cargoes from Europe to meet their term commitment to buyers, said a major buyer.

The refiner has limited cargoes to offer, partly due to an upcoming turnaround at its 900,000 tonne/year Group II facility in Singapore. The unit is expected to shut later in the first quarter.

Spot supplies from other Asian refiners have also tightened since January due to a heavy refinery maintenance schedule in the first half of 2011.

($1 = €0.73)

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By: Yeow Pei Lin

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