Exxon Mobil in Singapore cuts base oil term prices by $40-60/tonne

07 September 2012 03:22  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore refiner Exxon Mobil has reduced prices of its Group I ex-tank base oil term prices by $40-60/tonne (€32-47/tonne), market sources said on Friday.

Prices of SN150 and SN500 will be reduced by $40/tonne to $1,100/tonne ex-tank Singapore and $1,140/tonne ex-tank Singapore respectively.

Prices of brightstock will be reduced by $60/tonne to $$1,260/tonne ex-tank Singapore.

The price cuts are effective from 7 September.

The refiner declined to comment on the price reduction.

“It is no surprise that Exxon has cut prices as underlying demand is bad, a lot of blenders are not making money,” a Singapore-based trader said.

The last time the refiner had cut prices was 20 July.

($1 = €0.79)

By: Serena Seng

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