11 April 2013 22:07 [Source: ICIS news]
HOUSTON (ICIS)--Group III base oil price increase announcements by Phillip 66, effective 10 April, are rounding out a slow price uptake in the Americas base oil market, buyers and sellers said on Thursday.
The Phillips 66 announcement moves the company’s Group II+ base stocks up by 25 cents/gal and its two premium grade Group III base oil viscosities up by 18 cents/gal for its posted prices.
The Phillips 66 April increases put its posted price for Group II + 50/60 viscosity grade at $4.45/gal and its Group III 4cSt (4 cenistoke) product at $4.65/gal.
A slow uptake in prices filtered across the market, beginning in February when Phillips 66 moved up most of its posted prices in Group II stock, into March when ExxonMobil announced higher Group I and II+ base oil prices, and hitting the premium Group III stocks with the April Phillips 66 announcement.
One reason for the gradual trend in the rising prices on base oils is the seasonal uptick in demand was said to have had a tardy beginning this year because of uncertainties about the economy in the first quarter of 2013.
Other Group I and Group II producers have largely followed these announcements at differing increments and effective dates, with the exception of SK Lubricants in the Group II+ and Group III tiers.
SK Lubricants said it is considering increases but has not confirmed any announcement by 11 April.
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