For clear insight into regional Base oils-Lubes markets, you need in-depth price reports direct from those regions.
That’s why ICIS maintains a network of locally based reporters, providing not just price assessments but market commentary and analysis.
Updated to Q3 2020
Group I
The outlook for Group I supply is murky, with lower refinery production rates expected to continue until demand for fuels increases. Although domestic supply is likely to be healthier in Q2, the export market is expected to remain tight until refineries return to full production. If demand for base oils increases before production rates do, there could be tightness in the domestic market during Q3.
Demand for Group I base oils in Europe is expected to increase during Q3 as car manufacturers increase output. Fears about a possible second wave of the coronavirus could impact demand in the latter half of the quarter. Buying interest in the export market is anticipated to rise, although concerns about a second wave in key export destinations could stall any uptick.
Group II
Stocks remain ample as the third quarter begins. Though demand should improve slowly, there remains a backlog of material for consumption. Market fundamentals are likely to be balanced to long this quarter.
Demand is expected to increase, particularly as travel restrictions in Europe have eased. Demand recovery will be slow, but the low point for the market is thought to have passed in Q2.
Group III
Supply shortages are expected for the first half of Q3, with two producers having limitations on spot material. Once operating rates return to healthier levels availability may improve. However, demand is expected to firm over Q3, which may contribute to continued tightness for Group III.
Demand recovery for Group III is expected over the quarter, particularly as travel restrictions across Europe have eased. Demand from the automotive sector is firming, while spot availability is tight in early Q3. Sellers are targeting higher spot prices in July, with market tightness expected to continue.
We offer the following regional Base oils-Lubes analysis and news coverage to keep you informed of factors and developments affecting prices in the Base oils-Lubes marketplace.
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The main use for base oils is in the manufacture of lubricants, of which there are many thousands of types.
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ICIS price assessments are based on information gathered from a wide cross section of the market, comprising consumers, producers, traders and distributors. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments, giving you a robust reference for your negotiations.
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