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 demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.</li><li>Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.</li><li>Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.</li></ul>

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.

Americas/EMEA base oils demand outlook: Week of 10 November

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>Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.</li>
<li>Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.</li>
<li>Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.</li>
</ul>


Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.
Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.
Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.


Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

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>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.</li>
<li>The company held ~A$4 mm in cash at the end of September, also in line with forecasts.</li>
<li>A busy operational period is anticipated in 1H26.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.
The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
A busy operational period is anticipated in 1H26.


<ul><li>US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.</li><li>Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.</li><li>Firm price-premium incentivizes refiners to maintain or raise output.</li></ul>

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.Firm price-premium incentivizes refiners to maintain or raise output.

Americas/EMEA base oils supply outlook: Week of 3 November

<ul><li>US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply.</li><li>US Group II domestic price-premium to export prices stay in narrow range at time of year when it typically widens.</li><li>Steady domestic price-premium points to more balanced fundamentals, curbs pressure on any imminent adjustment in those domestic prices.</li></ul>

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply.US Group II domestic price-premium to export prices stay in narrow range at time of year when it typically widens.Steady domestic price-premium points to more balanced fundamentals, curbs pressure on any imminent adjustment in those domestic prices.

Americas/EMEA base oils demand outlook: Week of 3 November

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 demand outlook: Week of 10 November

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance...

Base Oil News

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

Americas/EMEA base oils supply outlook: Week of 3 November

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm. Firm price-premium vs VGO contrasts with falling price-premium this time a...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 3 November

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply. US Group II domestic...

Base Oil News

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52-week Range

Market Cap (USDm)

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Americas/EMEA base oils demand outlook: Week of 10 November

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance...

Base Oil News

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

​Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

Americas/EMEA base oils supply outlook: Week of 3 November

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm. Firm price-premium vs VGO contrasts with falling price-premium this time a...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 3 November

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply. US Group II domestic...

Base Oil News

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....