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>Global base oils prices hold firm vs feedstock/competing fuel prices even as they edge lower.</li><li>Firm base oils values point to tight supply-demand fundamentals, incentivize refiners to maintain high output.</li><li>Base oils values hold firm ahead of typical seasonal slowdown in demand in coming weeks in Asia, and from start of Q3 in Europe/US.</li></ul>

Global base oils prices hold firm vs feedstock/competing fuel prices even as they edge lower.Firm base oils values point to tight supply-demand fundamentals, incentivize refiners to maintain high output.Base oils values hold firm ahead of typical seasonal slowdown in demand in coming weeks in Asia, and from start of Q3 in Europe/US.

Global base oils margins outlook: Week of 19 May

<ul><li>US Group II base oils price-premium to vacuum gasoil trends higher in recent weeks compared with Q1 2025, even with dip in premium in mid-May.</li><li>Group II domestic/export price premium trends higher after holding in relatively narrow range from mid-Nov 2024 to end-Q1 2025.</li><li>Narrow range contrasts with steeper fall in Group II export price-premium to VGO in Q4 2023 and Q1 2024, followed by sharper recovery from end-Q1 2024.</li></ul>

US Group II base oils price-premium to vacuum gasoil trends higher in recent weeks compared with Q1 2025, even with dip in premium in mid-May.Group II domestic/export price premium trends higher after holding in relatively narrow range from mid-Nov 2024 to end-Q1 2025.Narrow range contrasts with steeper fall in Group II export price-premium to VGO in Q4 2023 and Q1 2024, followed by sharper recovery from end-Q1 2024.

Global base oils arb outlook: Week of 19 May

<ul><li>US base oils prices slip versus feedstock prices at a time of year when they typically rise.</li><li>Dynamic highlights how lower crude/VGO prices in Q2 2025, rather than higher base oils prices, are key factor supporting higher base oils margins.</li><li>Any further drop in base oils margins would point to weakening supply-demand fundamentals.</li></ul>

US base oils prices slip versus feedstock prices at a time of year when they typically rise.Dynamic highlights how lower crude/VGO prices in Q2 2025, rather than higher base oils prices, are key factor supporting higher base oils margins.Any further drop in base oils margins would point to weakening supply-demand fundamentals.

Americas/EMEA base oils supply outlook: Week of 19 May

<ul><li>US base oils demand likely to stay muted as concern about end-user consumption and signs of sufficient supply incentivize buyers to maintain low stocks.</li><li>Expectations of steady or lower base oils prices add to attraction of holding back.</li><li>US refiner’s posted-price cut last week was first such adjustment in more than six months.</li></ul>

US base oils demand likely to stay muted as concern about end-user consumption and signs of sufficient supply incentivize buyers to maintain low stocks.Expectations of steady or lower base oils prices add to attraction of holding back.US refiner’s posted-price cut last week was first such adjustment in more than six months.

Americas/EMEA base oils demand outlook: Week of 19 May

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>For the week ending 09/May, U.S. crude inventories grew by 3.5m barrels (vs. expectations of a 2m barrel fall). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.</li>
<li>The EIA reported a 110 Bcf storage build, slightly lower than the 111 Bcf forecast. Storage levels are 2.6% above the five-year average.</li>
<li>Saudi Aramco's Q1 profit fell 4.8% YoY but beat estimates by 2.8%. Morgan Stanley downgraded BP to Underweight from Equalweight, while HSBC lowered Chevron to Hold from Buy.</li>
</ul>


For the week ending 09/May, U.S. crude inventories grew by 3.5m barrels (vs. expectations of a 2m barrel fall). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.
The EIA reported a 110 Bcf storage build, slightly lower than the 111 Bcf forecast. Storage levels are 2.6% above the five-year average.
Saudi Aramco's Q1 profit fell 4.8% YoY but beat estimates by 2.8%. Morgan Stanley downgraded BP to Underweight from Equalweight, while HSBC lowered Chevron to Hold from Buy.


[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

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)

Global base oils margins outlook: Week of 19 May

Global base oils prices hold firm vs feedstock/competing fuel prices even as they edge lower. Firm base oils values point to tight supply-demand...

Base Oil News

Global base oils arb outlook: Week of 19 May

US Group II base oils price-premium to vacuum gasoil trends higher in recent weeks compared with Q1 2025, even with dip in premium in...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 19 May

US base oils prices slip versus feedstock prices at a time of year when they typically rise. Dynamic highlights how lower crude/VGO prices in Q2...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 19 May

US base oils demand likely to stay muted as concern about end-user consumption and signs of sufficient supply incentivize buyers to maintain low...

Base Oil News

[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...

Mint Finance

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52-week Range

Market Cap (USDm)

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Global base oils margins outlook: Week of 19 May

Global base oils prices hold firm vs feedstock/competing fuel prices even as they edge lower. Firm base oils values point to tight supply-demand...

Base Oil News

Global base oils arb outlook: Week of 19 May

US Group II base oils price-premium to vacuum gasoil trends higher in recent weeks compared with Q1 2025, even with dip in premium in...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 19 May

US base oils prices slip versus feedstock prices at a time of year when they typically rise. Dynamic highlights how lower crude/VGO prices in Q2...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 19 May

US base oils demand likely to stay muted as concern about end-user consumption and signs of sufficient supply incentivize buyers to maintain low...

Base Oil News

[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

​US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...

Mint Finance

US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...