22 July 2013 18:22 [Source: ICIS news]
HOUSTON (ICIS)--US base oil producer ?xml:namespace>
The producer said continued tight supply of its naphthenic oils and escalating crude oil prices are the primary reasons for the increase initiative.
Other naphthenic base oil suppliers were mulling price increases because of similar reasons, but no other price announcements as yet have emerged.
Naphthenic oil, also called Pale oil, 60 grade viscosity spot prices were most recently assessed at $3.50-3.68/gal (€2.66-2.80/gal) FOB (free on board) plant.
Heavy Pale 2400 oil grade, extensively used in tyre production, was last assessed in spot prices at $3.35-3.82/gal FOB plant.
Naphthenic oil prices last increased in November 2012, market sources have said.
($1 = €0.76)
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