Base Oil Prices, Pricing, Demand & Supply
North America The North American Base Oil market in Q4 2023 witnessed significant fluctuations due to various factors. The market was impacted by a tight supply and demand balance of Group I and II grades, leading to a surge in Base Oil prices during October. Additionally, the impact of price increments for Base Oil in the previous month showed its reflections in November, leading to several independent lubricant manufacturers increasing their product prices. The Group I segment experienced a tight spot flow situation due to reduced Base Oil output at some refineries amidst ongoing turnarounds and unplanned production issues. However, the US Base Oil market witnessed a notable drop of 2.1% by entering in December, following Chevron and Motiva's announced price decrement. The demand for Base Oil in the downstream lubricant industry declined during December as buyers aimed to minimize year-end inventories to avoid tax implications. The Q4 2023 trend for the US Base Oil market was bul...