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>Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.</li><li>Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.</li><li>Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.</li></ul>

Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.

Asia base oils demand 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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. </li>
<li>The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.</li>
<li>UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.</li>
</ul>


Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. 
The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.
UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.


UK Energy:  Concentrated, Under-Owned, and Out of Focus

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman.</li><li>The loans, which were issued with an original issuance discount of 10%.</li><li>are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman.The loans, which were issued with an original issuance discount of 10%.are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement.

<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

United Kingdom

BP P.L.C is an energy company. The Company explores and produces oil and natural gas, refines, markets, and supplies petroleum products, as well as generates solar energy, and manufactures and markets chemicals such as terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. BP serves customers worldwide.

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BP (BP US)

Asia base oils demand outlook: Week of 30 June

Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices. Prospect of seasonal...

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

UK Energy: Concentrated, Under-Owned, and Out of Focus

Active UK equity funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows.

Steven Holden

AUCTUS ON FRIDAY - 27/06/2025

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term...

Auctus Advisors

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

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