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.

Commodities

<ul>
<li>For the week ending 23/May, U.S. crude inventories fell by 2.8m barrels (vs. expectations of a 1m barrel build). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.</li>
<li>The EIA reported a 101 Bcf storage build, slightly more than the 98 Bcf forecast. Storage levels are 3.9% above the five-year average.</li>
<li>Chevron will cut 800 Texas jobs in an effort to reduce its global workforce by 20%. TotalEnergies is selling its 12.5% Nigerian offshore stake to Shell for USD 510 million.</li>
</ul>


For the week ending 23/May, U.S. crude inventories fell by 2.8m barrels (vs. expectations of a 1m barrel build). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.
The EIA reported a 101 Bcf storage build, slightly more than the 98 Bcf forecast. Storage levels are 3.9% above the five-year average.
Chevron will cut 800 Texas jobs in an effort to reduce its global workforce by 20%. TotalEnergies is selling its 12.5% Nigerian offshore stake to Shell for USD 510 million.


[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

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.

<ul><li>Global base oils prices mostly hold firm vs feedstock/gasoil prices.</li><li>Firm margins in Asia and Europe point to still-tight supply-demand fundamentals, incentivizing refiners to maintain high output levels.</li><li>Weaker margins in US point to diverging fundamentals compared with other regions.</li></ul>

Global base oils prices mostly hold firm vs feedstock/gasoil prices.Firm margins in Asia and Europe point to still-tight supply-demand fundamentals, incentivizing refiners to maintain high output levels.Weaker margins in US point to diverging fundamentals compared with other regions.

Global base oils margins outlook: Week of 26 May

<ul><li>US Group II heavy-grade base oils prices stay unusually weak relative to CFR India prices for the time of year.</li><li>Persistent US price-discount to CFR India prices coincides with steady flow of heavy-grade base oils shipments from US to India and especially to Pakistan.</li><li>Arbitrage shipments highlight persistent surplus of heavy-grade base oils in US market.</li></ul>

US Group II heavy-grade base oils prices stay unusually weak relative to CFR India prices for the time of year.Persistent US price-discount to CFR India prices coincides with steady flow of heavy-grade base oils shipments from US to India and especially to Pakistan.Arbitrage shipments highlight persistent surplus of heavy-grade base oils in US market.

Global base oils arb outlook: Week of 26 May

<ul><li>US base oils prices continue to edge lower versus feedstock/competing fuel prices.</li><li>Margins fall because of steady outright prices and higher feedstock costs.</li><li>Margins previously rose in first few weeks of Q2 2025 because of lower feedstock costs while outright prices mostly held steady.</li></ul>

US base oils prices continue to edge lower versus feedstock/competing fuel prices.Margins fall because of steady outright prices and higher feedstock costs.Margins previously rose in first few weeks of Q2 2025 because of lower feedstock costs while outright prices mostly held steady.

Americas/EMEA base oils supply outlook: Week of 26 May

<ul><li>US base oils demand likely to remain more muted as concern about strength of end-user consumption and expectations of improving supply incentivize buyers to maintain low stocks.</li><li>Demand could get support from procurement of additional stocks as buffer against any weather-related supply disruptions during Atlantic hurricane season.</li><li>Any such stock-building would be despite expectations of more readily-available supply over coming months.</li></ul>

US base oils demand likely to remain more muted as concern about strength of end-user consumption and expectations of improving supply incentivize buyers to maintain low stocks.Demand could get support from procurement of additional stocks as buffer against any weather-related supply disruptions during Atlantic hurricane season.Any such stock-building would be despite expectations of more readily-available supply over coming months.

Americas/EMEA base oils demand outlook: Week of 26 May

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...

Mint Finance

Global base oils margins outlook: Week of 26 May

Global base oils prices mostly hold firm vs feedstock/gasoil prices. Firm margins in Asia and Europe point to still-tight supply-demand...

Base Oil News

Global base oils arb outlook: Week of 26 May

US Group II heavy-grade base oils prices stay unusually weak relative to CFR India prices for the time of year. Persistent US price-discount to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 26 May

US base oils prices continue to edge lower versus feedstock/competing fuel prices. Margins fall because of steady outright prices and higher...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 26 May

US base oils demand likely to remain more muted as concern about strength of end-user consumption and expectations of improving supply incentivize...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

​US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...

Mint Finance

Global base oils margins outlook: Week of 26 May

Global base oils prices mostly hold firm vs feedstock/gasoil prices. Firm margins in Asia and Europe point to still-tight supply-demand...

Base Oil News

Global base oils arb outlook: Week of 26 May

US Group II heavy-grade base oils prices stay unusually weak relative to CFR India prices for the time of year. Persistent US price-discount to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 26 May

US base oils prices continue to edge lower versus feedstock/competing fuel prices. Margins fall because of steady outright prices and higher...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 26 May

US base oils demand likely to remain more muted as concern about strength of end-user consumption and expectations of improving supply incentivize...

Base Oil News

US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...