US Groups I and II prices falling on depressed crude and oversupply

摘要

Falling crude prices pulled down ICIS assessments for US Group I base oils in the second half of Nov. SN100 was recently assessed at $2.30-2.38/gal, compared to $2.40-2.46/gal in Oct. Nov. assessments for 200/250 grades (mid-viscosity) were down from Oct's $2.37-2.42/gal to $2.32-2.40/gal. Nov. assessments for 600/650 grades were $2.64-2.70/gal. Reports indicated ExxonMobil had cut prices on all of its Group I products by 25￠/gal as of Nov. 17, but the company did not confirm or deny the price reduction. As reported in the Dec. 3 Digest, HollyFrontier cut itslGroup I base oil prices by 25￠/gal as of Nov. 19. Paulsboro Refining Co. and Calumet also reportedly reduced Group I prices by unpublished amounts as of Nov. 21 and 27, respectively. These Group I producers had increased prices in Oct. by around 20￠/gal.