11 July 2012 16:21 [Source: ICIS news]
HOUSTON (ICIS)--Group II base oil prices in the US are falling in July on lower feedstock crude oil costs and routine demand, buyers and sellers said on Wednesday.
Flint Hills Resources (FHR) led the Group II price reductions, decreasing its posted prices by 35 cents/gal on all grades effective 2 July.
Following reductions, FHR’s 70 viscosity grade base oil posted price is at $4.09/gal, while its heavy grade 600 stock price is at $5.00/gal.
Market sources and buyers confirmed that Motiva is decreasing its prices by 25 cents/gal, 30 cents/gal and 45 cents/gal on its light-to-heavy viscosity grades, respectively, effective 12 July.
Phillips 66 confirmed it will decrease prices effective 11 July on all Group II, II+ and III grades. Group II+ and III prices are to decrease by 35 cents/gal for each viscosity, while Group II prices are slated to move down by 35 cents/gal on 70/80 grades, 40 cents/gal on 100/200 series and by 35 cents/gal on the 600.
Chevron verified price decreases that are to be effective 13 July, moving 100/120 vis down by 45 cents/gal, 200/220 down by 38 cents/gal and 600 down by 35 cents/gal.
Other Group II, II+ and III producers did not confirm July price changes, but sources expected these announcements would follow those already made.
Price decreases in the Group II, II+ and III tiers were driven by a combination of moderating crude oil prices, steady but routine US demand and deep price reductions in the other primary global base oil supply regions, Asia and Europe.
Group I, II , II + and III base oil producers include those referenced above as well as Calumet, SK Lubricants and Exxon.
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