02 November 2012 16:28 [Source: ICIS news]
HOUSTON (ICIS)--US Group I base oil prices are heading down in November, as buyers confirmed on a price decrease announcement by ExxonMobil at the sidelines of the American Fuel & Petrochemical Manufacturers (AFPM) International Lubricants & Waxes meeting on Friday.
According to buyers and sellers, ExxonMobil announced it will reduce all its grades of Group I base oils by 21 cents/gallon, effective 1 November.
At least one other producer confirmed it is following the price move at the same level, but will have an effective date of 6 November.
Other Group I base oil producers are considering following the price decrease, but no further announcements were yet confirmed.
Light viscosity Group I 100 grade base oils were priced at $3.91/gal in October posted prices.
Following the November decrease, the posted price will be $3.70/gal, basis US Gulf.
The AFPM conference ends on Friday.
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