16 August 2013 16:06 [Source: ICIS news]
HOUSTON (ICIS)--US base oil prices are moving up in the Group III tier as two major suppliers confirmed increases on Friday.
Phillips 66 said it will increase its Group II, II+ and III base oil posted prices by 10 cents/gal effective 16 August.
SK Lubricants also verified it is increasing its Group II+ and III prices by 10 cents/gal effective 19 August. SK Lubricants does not produce Group II base oils.
Group II and II+ prices increased for several other suppliers earlier in August.
Sources said base oil price increases are underpinned by crude oil costs at the plus-$100/bbl mark over the past month.
SK Lubricants’ 8 cSt (centistoke) viscosity Group III base oil price were at $5.34/gal (€4.00/gal) ahead of its increase.
Group II+ prices on lowest viscosity base oils were at $4.45/gal for Phillips 66 product ahead of the increase.
US base oil posted prices vary by supplier and viscosity grade.
($1 = €0.75)
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