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 base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier.</li><li>Narrower export price-discount points to more manageable supply surplus at end-2024 and early this year, when domestic demand faced seasonal slowdown.</li><li>More manageable supply surplus follows firm export volumes through H2 2024 and early this year.</li></ul>

US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier.Narrower export price-discount points to more manageable supply surplus at end-2024 and early this year, when domestic demand faced seasonal slowdown.More manageable supply surplus follows firm export volumes through H2 2024 and early this year.

Global base oils arb outlook: Week of 31 March

<ul><li>Global base oils prices slip relative to firmer feedstock/competing fuel prices.</li><li>Base oils margins in most markets remain at levels that point to balanced-to-tight supply-demand fundamentals, incentivizing refiners to maintain higher output.</li><li>FOB Asia base oils prices fall vs gasoil prices.</li></ul>

Global base oils prices slip relative to firmer feedstock/competing fuel prices.Base oils margins in most markets remain at levels that point to balanced-to-tight supply-demand fundamentals, incentivizing refiners to maintain higher output.FOB Asia base oils prices fall vs gasoil prices.

Global base oils margins outlook: Week of 31 March

<ul><li>Asia’s base oils prices extend dip versus feedstock/gasoil prices.</li><li>Margins hold firm for heavy grades, pointing to still-strong supply-demand fundamentals.</li><li>Firm margins partially cushion impact of weaker light-grade margins.</li></ul>

Asia’s base oils prices extend dip versus feedstock/gasoil prices.Margins hold firm for heavy grades, pointing to still-strong supply-demand fundamentals.Firm margins partially cushion impact of weaker light-grade margins.

Asia base oils supply outlook: Week of 31 March

<ul><li>Asia’s base oils demand could hold firm over the coming weeks as buyers replenish low stocks and lube consumption holds steady.</li><li>Rising crude oil prices could provide additional support.</li><li>Seasonal slowdown in demand from end of second quarter typically starts to curb buying interest several weeks before then.</li></ul>

Asia’s base oils demand could hold firm over the coming weeks as buyers replenish low stocks and lube consumption holds steady.Rising crude oil prices could provide additional support.Seasonal slowdown in demand from end of second quarter typically starts to curb buying interest several weeks before then.

Asia base oils demand outlook: Week of 31 March

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

India

Apar Industries Ltd. manufactures aluminum conductors for power transmission. The Company also manufactures polymers, synthetic rubbers, latexes, transformer oils, pharmaceutical oils and other specialty oils.

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Apar Industries (APR IN)

Global base oils arb outlook: Week of 31 March

US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier. Narrower export price-discount points to more...

Base Oil News

Global base oils margins outlook: Week of 31 March

Global base oils prices slip relative to firmer feedstock/competing fuel prices. Base oils margins in most markets remain at levels that point to...

Base Oil News

Asia base oils supply outlook: Week of 31 March

Asia’s base oils prices extend dip versus feedstock/gasoil prices. Margins hold firm for heavy grades, pointing to still-strong supply-demand...

Base Oil News

Asia base oils demand outlook: Week of 31 March

Asia’s base oils demand could hold firm over the coming weeks as buyers replenish low stocks and lube consumption holds steady. Rising crude oil...

Base Oil News

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

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