09 March 2011 23:35 [Source: ICIS news]
Increases effective on 8 March were announced by at least one naphthenic base oil supplier seeking a 35 cents/gal ($105/tonne, €76/tonne) hike on its pale oil naphthenic output.
At least two other increase initiatives followed, seeking the same amount on pale oils, but to become effective on 11 March.
In all, Nynas, Cross Oil,
In February, naphthenic base oil producers had sought increases of 20-25 cents/gal, depending upon viscosity grade, largely implementing the higher prices across the market.
The tight supply was attributed to rising demand, as the market prepares for the start of the US driving season. The limited supply was also attributed to various planned and weather-related plant outages in the first quarter.
($1 = €0.72)
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