Black Sea and Baltic Sea base oil prices hold after declines

24 July 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--Black Sea and Baltic Sea base oil export prices have held steady this week because of revived demand, ending a run of price declines lasting several months, market sources said on Tuesday.

The recent sharp prices declines in the Baltic Sea and the Black Sea have stimulated buying interest.

Several spot trades have taken place this week at prevailing prices, showing that both buyers and sellers feel comfortable to deal at these levels.

Among these deals, a 5,000 tonne cargo of Baltic Sea solvent neutral (SN)500 was bought at $915/tonne (€750/tonne) tonne FOB (free on board) for prompt loading.

This week’s price stability ends a downtrend which continued largely unabated since the second half of May and saw over $300/tonne wiped off the value of various base oil grades.

Baltic Sea SN150 and SN500 prices were assessed steady at $910-940/tonne FOB and Black Sea SN150 and SN500 were assessed unchanged at $870-920/tonne FOB, by ICIS.

($1 = €0.82)

By: Carl Roache
+44 20 8652 3214

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