ExxonMobil raises Asian base oils term prices by $60-70/tonne

03 May 2011 12:03  [Source: ICIS news]

SINGAPORE (ICIS)--ExxonMobil is raising its Asian base oils term prices by $60-70/tonne (€40-47/tonne) with effect from 13 May, its customers said on Tuesday.

On an ex-tank basis in Singapore, prices will be revised by $70/tonne to $1,433-1,438/tonne for SN150/N150 and $1,703/tonne for brightstock. Offers for SN500/N500 will be $60/tonne higher, at $1,497-1,502/tonne.

ExxonMobil most recently raised prices for Group I and II base oils by $60/tonne on 26 April.

Regional supplies have been tight because of a spate of refinery turnarounds in the first-half of 2011. ExxonMobil restarted its 1.2m tonne/year Group II base oils plant in Singapore in early May. The facility was shut for about 45 days for maintenance.

Singapore blenders acknowledged that supplies are tight, particularly for the lower viscosity grades.

“The market is still short, especially for the lighter grades. We hope that things will improve later this month, now that ExxonMobil has restarted its plant,” a customer said.

($1 = €0.67)

For more pricing intelligence, please visit ICIS pricing

By: Yeow Pei Lin

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