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Updated to Q3 2020
Production is expected to increase during Q3 as refiners ramp up their operating rates alongside recovering demand. Supply is expected to remain sufficient as demand is trending towards a longer recovery.
Demand is expected to increase during Q3 as it gradually recovers from coronavirus closures. As Group I base oil is heavily exposed to industrial output, recovery is expected to occur sooner than for other groups. With some resurgence of the virus in late June, the recovery scenario is trending longer. Industrial demand is expected to near pre-coronavirus levels by the end of 2020.
Production is expected to increase in Q3 as refiners steadily increase their operating rates while closely monitoring the recovery of demand. Supply is expected to be sufficient to meet domestic demand, which will likely take several months to recover.
Demand is expected to rise gradually in Q3. As some US states reopened, the demand for Group II accelerated in June, with suppliers reporting strong interest as buyers restocked following two months of closures. Because Group II has mixed automotive/industrial end-uses, the demand recovery is expected to be challenging and this could stretch into 2021.
Supply is expected to increase during Q3 when large import cargoes arrive. Lingering effects of reduced production in North America and elsewhere are expected throughout the quarter. Supply is expected to be adequate as demand in this group is expected to take the longest to recover, not returning to pre-coronavirus levels until sometime in 2021.
Demand is strengthening as Q3 begins, with buyers looking to restock following Q2 coronavirus closures. Heavily automotive-focused, Group III demand is expected to surge initially but then begin a more gradual recovery to pre-coronavirus levels. OEM demand will take time as automakers face reduced shifts due to coronavirus measures. Mileage is picking up but still expected lower overall in 2020 as workers remain home, extending drain intervals.
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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