04 October 2012 22:04 [Source: ICIS news]
HOUSTON (ICIS)--US naphthenic base oil prices are set to increase in October as Ergon leads with a 5 October price announcement, sellers confirmed on Thursday.
Ergon announced it would increase all of its naphthenic products by 16 cents/gal, effective on 5 October.
Calumet confirmed it would seek a 15 cents/gal increase on its naphthenic oils, effective on 11 October, with Cross Oil following these moves by confirming it would go up by 16 cents/gal effective 12 October.
Higher crude oil prices were the main driver for the price move, sources said.
Other naphthenic oil producers, Nynas and San Joaquin Refining did not announce increases and were continuing to evaluate positions, according to market participants.
Naphthenic pale grade 60 oil, widely used in electrical transformer fluids, was last assessed in a spot price range of $3.57-3.80/gal.
Heavy grade naphthenic oils are used in various rubber processing formulations, with pale grade 2400 oil most recently assessed at $3.50-4.00/gal.
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