Europe base oil exports tight for April but buyers wary of May

08 April 2014 19:33  [Source: ICIS news]

LONDON (ICIS)--Base oil export prices In Europe have firmed on tight availability for April loading, but buyers appear cautious of committing to May purchases, sellers said on Tuesday.

Most refiners have sold out of April material, and the remaining volumes continue to be sold at higher prices.

Yet, while many are showing availability for May loading, few end users appear willing to commit to such purchases given the high prices on offer and the long lead times.

Instead, buyers appear to be playing a wait-and-see game to ascertain in what condition the market will be closer to May.

“Refiners are pushing up prices, but there’s nothing prompt [available]. They’re offering for May, but a lot of people seem to be forgetting it’s only 8 April. I think it could be a quiet April,” said a trader.

By: Ross Yeo
+44 208 652 3214

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