Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>US Group II base oils price-premium to VGO rebounds after fall in crude oil prices.</li><li>Excluding brief dip in June 2025, base oils margins hold in narrow range since early April 2025.</li><li>US Group II domestic and export base oils price-premium to VGO rises in Q2 2025 from Q1 2025.</li></ul>

US Group II base oils price-premium to VGO rebounds after fall in crude oil prices.Excluding brief dip in June 2025, base oils margins hold in narrow range since early April 2025.US Group II domestic and export base oils price-premium to VGO rises in Q2 2025 from Q1 2025.

Americas/EMEA base oils supply outlook: Week of 30 June

<ul><li>US base oils demand could stay cautious amid signs of sufficient supplies to cover domestic requirements.</li><li>Expectations of sufficient supply and seasonal slowdown in demand give buyers more leverage to hold back in face of recent volatility of crude oil prices and base oils margins.</li><li>Buyers face challenge of balancing prospect of slowdown in demand in Q3 2025 with risk of weather-related supply disruptions.</li></ul>

US base oils demand could stay cautious amid signs of sufficient supplies to cover domestic requirements.Expectations of sufficient supply and seasonal slowdown in demand give buyers more leverage to hold back in face of recent volatility of crude oil prices and base oils margins.Buyers face challenge of balancing prospect of slowdown in demand in Q3 2025 with risk of weather-related supply disruptions.

Americas/EMEA base oils demand outlook: Week of 30 June

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>For the week ending 20/Jun, U.S. crude inventories fell by 5.8m barrels (vs. expectations of a 1.2m barrel decline). Meanwhile, gasoline stockpiles fell more than expected.</li>
<li>The EIA reported a 96 Bcf storage build, while analysts forecasted an 88 Bcf increase. Storage levels are 6.6% above the five-year average but 6.3% below year-ago levels.</li>
<li>Shell denied reports of merger talks with BP. TD Cowen raised its price target on Exxon to USD 128, citing its technological edge in resource recovery and strategic deal-making capacity.</li>
</ul>


For the week ending 20/Jun, U.S. crude inventories fell by 5.8m barrels (vs. expectations of a 1.2m barrel decline). Meanwhile, gasoline stockpiles fell more than expected.
The EIA reported a 96 Bcf storage build, while analysts forecasted an 88 Bcf increase. Storage levels are 6.6% above the five-year average but 6.3% below year-ago levels.
Shell denied reports of merger talks with BP. TD Cowen raised its price target on Exxon to USD 128, citing its technological edge in resource recovery and strategic deal-making capacity.


[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

<ul><li>Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices.</li><li>Rising diesel premium to crude oil magnifies pressure on base oils prices.</li><li>Speed of fall in base oils price differentials suggests surge in crude prices rather than weaker supply-demand fundamentals is key factor driving lower margins.</li></ul>

Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices.Rising diesel premium to crude oil magnifies pressure on base oils prices.Speed of fall in base oils price differentials suggests surge in crude prices rather than weaker supply-demand fundamentals is key factor driving lower margins.

Global base oils margins outlook: Week of 23 June

<ul><li>Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.</li><li>Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.</li><li>Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.</li></ul>

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.

Global base oils arb outlook: Week of 23 June

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

Americas/EMEA base oils supply outlook: Week of 30 June

US Group II base oils price-premium to VGO rebounds after fall in crude oil prices. Excluding brief dip in June 2025, base oils margins hold in...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 30 June

US base oils demand could stay cautious amid signs of sufficient supplies to cover domestic requirements. Expectations of sufficient supply and...

Base Oil News

[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...

Mint Finance

Global base oils margins outlook: Week of 23 June

Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices. Rising diesel premium to crude oil...

Base Oil News

Global base oils arb outlook: Week of 23 June

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Americas/EMEA base oils supply outlook: Week of 30 June

US Group II base oils price-premium to VGO rebounds after fall in crude oil prices. Excluding brief dip in June 2025, base oils margins hold in...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 30 June

US base oils demand could stay cautious amid signs of sufficient supplies to cover domestic requirements. Expectations of sufficient supply and...

Base Oil News

[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

​US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...

Mint Finance

Global base oils margins outlook: Week of 23 June

Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices. Rising diesel premium to crude oil...

Base Oil News

Global base oils arb outlook: Week of 23 June

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil...

Base Oil News

US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...