13 November 2012 19:20 [Source: ICIS news]
HOUSTON (ICIS)--US Group II base oil posted prices are heading down, with three major producers announcing price reductions, buyers and sellers said on Tuesday.
Buyers and other market participants confirmed Exxon is reducing posted prices on its Group II+ light viscosity base oil grade by 30 cents/gal effective 15 November.
Exxon does not comment on its price changes.
SK Lubricants confirmed it would decrease its Group II+ light viscosity base oils by 45 cents/gal, also reducing it heavy Group II+ and Group III grades by differing amounts, all effective 14 November.
Group III grades also are slated to move down by various amounts and effective dates depending upon the producer.
Group II producer Motiva reduced all its viscosity grades by various amounts effective 7 November, with all other Group II producers following at differing reductions and effective dates.
Motiva’s lightest viscosity base oil grade moved down by 38 cents/gal to $3.75/gal from $4.13/gal on the November effective date.Full domestic supply matched to seasonally lower domestic demand combined with overall ample global supply and weak economic factors in Europe and Asia to underpin the drivers for the ?xml:namespace>
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