Base Oil Prices, News, Trend, Demand & Supply | ChemAnalyst

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Base Oil Prices Overview
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Market Overview Quarterly Update on Global Base
Oil Market   For the Quarter Ending June
2021   North America   Base Oil prices showcased
sharp uptrend during this quarter in USA as under
the wavering demand, material availability
remained critically low across the region.
Production of Base Oil was hindered after the
freezing storm in the Gulf of USA in
mid-February, which induced a prolonged supply
shortage in the country.  Major manufacturers
like Holly Frontier and Calumet announced
turnarounds leading to an immense production loss
in the region. Moreover, Motiva and ExxonMobil
Baytown also underwent unexpected turnarounds,
which impacted the production of Group II Base
Oil, thus supply of N600 remained critically
tight. In addition, overall availability of Base
Oil reduced to multidecade low in the country and
ultimately prices reached USD 1488/MT for Group
II Base Oil during the month of June.
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Base Oil Prices Overview
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Asia   Asian market encountered a firm demand for
Base Oil from downstream manufacturers, amid the
supply shortage across the region. Chinese market
faced insufficient availability of Base Oil due
to unprecedented demand leading to climb in
prices of Base Oil in the country. To rectify the
prolonged supply shortage in China, Sinopec
planned to start its Base Oil Group II plant in
Beijing in July. While in the Indian market,
Base Oil prices rose consistently this quarter,
showcasing rise by around 5.7 and 4.6 observed
for Grade 2 H-100 and H-70 respectively, finally
settling at USD 725/MT and USD 887/MT
respectively during June 2021. In addition,
Singapore maintained its high exports to major
Asian countries including China in the
meantime. Get more information
https//www.chemanalyst.com/Pricing-data/base-oil-
63   Europe   During this quarter, Europe also
encountered shortage of Base Oil leading to hike
in prices. This shortage was caused by critically
low availability of containers and increased
demand from China, which made US cargoes to be
diverted towards the Asian countries rather than
Europe as traders obtained better netbacks. In
addition, being a highly imported commodity,
soaring freight cost and prolonged extended plant
shutdowns in the Gulf of USA also impacted the
prices of Base Oil in major European economies.
Moreover, in the initial days of April, domestic
production remained low, and shortage was
stretched due to lower availability of manpower
amidst pandemic in the major countries.
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Base Oil Prices Overview
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www.chemanalyst.com/
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