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 get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025.</li><li>Blenders could be targeting additional supplies to cover seasonal rise in consumption in final weeks of Q3 2025.</li><li>Stocks could be more balanced than expected because of unusually strong rise in demand at end-Q2 2025.</li></ul>

Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025.Blenders could be targeting additional supplies to cover seasonal rise in consumption in final weeks of Q3 2025.Stocks could be more balanced than expected because of unusually strong rise in demand at end-Q2 2025.

Asia base oils demand outlook: Week of 11 August

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>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> listed in March and did not get Fast Entry to global indices since a large part of the IPO was allotted to domestic retail investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> will be added to one global index this month and could be added to the other global index in September.</li>
<li>The stock is trading higher following the better than forecast results announced last week. The index inclusions could take the stock higher in the short-term.</li>
</ul>



JX Advanced Metals (5016 JP) listed in March and did not get Fast Entry to global indices since a large part of the IPO was allotted to domestic retail investors.

JX Advanced Metals (5016 JP) will be added to one global index this month and could be added to the other global index in September.
The stock is trading higher following the better than forecast results announced last week. The index inclusions could take the stock higher in the short-term.


JX Advanced Metals (5016 JP): Passive Buying in the Next 6 Weeks

<ul><li>Asia’s base oils demand could get support from moves to lock in supplies to meet seasonal pick-up in demand during final weeks of Q3 2025.</li><li>Demand could have already got steady underlying support in recent weeks because of tighter-than-expected supply-demand fundamentals at start of Q3 2025.</li><li>Persistently tighter fundamentals could prompt buyers to maintain higher stocks until they are confident about any sustained improvement in supply.</li></ul>

Asia’s base oils demand could get support from moves to lock in supplies to meet seasonal pick-up in demand during final weeks of Q3 2025.Demand could have already got steady underlying support in recent weeks because of tighter-than-expected supply-demand fundamentals at start of Q3 2025.Persistently tighter fundamentals could prompt buyers to maintain higher stocks until they are confident about any sustained improvement in supply.

Asia base oils demand outlook: Week of 4 August

<ul><li>Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more than five years.</li><li>Similar price-spreads in all those markets contrast with diverging fundamentals driving those similar price-spreads, especially in Europe.</li><li>Similar price-spreads in US vs other markets follow sustained weakness of US heavy-grade prices because of persistent surplus supply.</li></ul>

Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more than five years.Similar price-spreads in all those markets contrast with diverging fundamentals driving those similar price-spreads, especially in Europe.Similar price-spreads in US vs other markets follow sustained weakness of US heavy-grade prices because of persistent surplus supply.

Global base oils arb outlook: Week of 4 August

<ul><li>Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024.</li><li>Lower heavy-grade base oils margins and falling regional cargo price point to weaker supply-demand fundamentals.</li><li>Even at lower level, price-premium remains at level that incentivizes refiners to maintain steady output of the product.</li></ul>

Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024.Lower heavy-grade base oils margins and falling regional cargo price point to weaker supply-demand fundamentals.Even at lower level, price-premium remains at level that incentivizes refiners to maintain steady output of the product.

Asia base oils supply outlook: Week of 4 August

Japan

ENEOS Holdings, Inc. operates refining and marketing businesses. The Company refines and distributes petroleum and petroleum chemical products. ENEOS Holdings also provides non ferrous metals, electronic materials, and other products.

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ENEOS Holdings (5020 JP)

Asia base oils demand outlook: Week of 11 August

Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025. Blenders could...

Base Oil News

JX Advanced Metals (5016 JP): Passive Buying in the Next 6 Weeks

JX Advanced Metals will be added to one global index in 2 weeks and could be added to the other in 6 weeks. Passives will need to buy 7% of real...

Brian Freitas

Asia base oils demand outlook: Week of 4 August

Asia’s base oils demand could get support from moves to lock in supplies to meet seasonal pick-up in demand during final weeks of Q3 2025. Demand...

Base Oil News

Global base oils arb outlook: Week of 4 August

Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more...

Base Oil News

Asia base oils supply outlook: Week of 4 August

Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024. Lower heavy-grade base oils...

Base Oil News

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