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 prices rise versus feedstock/competing fuel prices, especially for Group II light-grade export prices.</li><li>Firmer margins point to steady-to-tight supply-demand fundamentals at a time of year when they typically start to weaken.</li><li>Firmer margins incentivize refiners to maintain or raise output.</li></ul>

US base oils prices rise versus feedstock/competing fuel prices, especially for Group II light-grade export prices.Firmer margins point to steady-to-tight supply-demand fundamentals at a time of year when they typically start to weaken.Firmer margins incentivize refiners to maintain or raise output.

Americas/EMEA base oils supply outlook: Week of 20 October

<ul><li>US base oils demand could stay cautious amid signs of sufficient availability of supply even with current plant-maintenance work and as regular export cargoes remove surplus volumes.</li><li>Sufficient availability of supply suggests demand is sufficiently weak to balance out current drop in volumes.</li><li>US domestic Group II base oils price-premium to vacuum gasoil (VGO) holds in narrow range so far in Q4 2025, reflecting that dynamic.</li></ul>

US base oils demand could stay cautious amid signs of sufficient availability of supply even with current plant-maintenance work and as regular export cargoes remove surplus volumes.Sufficient availability of supply suggests demand is sufficiently weak to balance out current drop in volumes.US domestic Group II base oils price-premium to vacuum gasoil (VGO) holds in narrow range so far in Q4 2025, reflecting that dynamic.

Americas/EMEA base oils demand outlook: Week of 20 October

<ul><li>US Group II base oils prices stay in unusually narrow range versus vacuum gasoil feedstock prices throughout most of this year.</li><li>US Group II base oils domestic price-premium to export prices similarly stays in relatively narrow range so far this year.</li><li>US Group II heavy-grade price-discount to prices in markets like India similarly holds in relatively narrow range throughout most of this year.</li></ul>

US Group II base oils prices stay in unusually narrow range versus vacuum gasoil feedstock prices throughout most of this year.US Group II base oils domestic price-premium to export prices similarly stays in relatively narrow range so far this year.US Group II heavy-grade price-discount to prices in markets like India similarly holds in relatively narrow range throughout most of this year.

Global base oils arb outlook: Week of 20 October

<ul>
<li>Global base oils margins rise in response to increasingly lower crude oil prices.</li>
<li>Mostly-steady outright prices magnify impact of lower crude oil prices.</li>
<li>Firmer margins and steady outright prices point to stronger-than-usual fundamentals for the time of year.</li>
</ul>


Global base oils margins rise in response to increasingly lower crude oil prices.
Mostly-steady outright prices magnify impact of lower crude oil prices.
Firmer margins and steady outright prices point to stronger-than-usual fundamentals for the time of year.


Global base oils margins outlook: Week of 20 October

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.</li>
<li>Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.</li>
<li>Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.</li>
</ul>


Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.
Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.
Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.


Liquid Universe of European Ordinary and Preferred Shares: October'25 Report

Germany

FUCHS SE manufactures lubricants and related specialty products. The Company refines and produces industrial and automotive lubricants, hydraulic oils, greases, and polishing products, as well as biodegradable oils. FUCHS markets its products worldwide.

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FUCHS (FPE GR)

Americas/EMEA base oils supply outlook: Week of 20 October

US base oils prices rise versus feedstock/competing fuel prices, especially for Group II light-grade export prices. Firmer margins point to...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 20 October

US base oils demand could stay cautious amid signs of sufficient availability of supply even with current plant-maintenance work and as regular...

Base Oil News

Global base oils arb outlook: Week of 20 October

US Group II base oils prices stay in unusually narrow range versus vacuum gasoil feedstock prices throughout most of this year. US Group II base...

Base Oil News

Global base oils margins outlook: Week of 20 October

Global base oils margins rise in response to increasingly lower crude oil prices. Mostly-steady outright prices magnify impact of lower crude oil...

Base Oil News

Liquid Universe of European Ordinary and Preferred Shares: October'25 Report

European dual-class spreads diverged in October; liquidity and control themes dominate. Favor convergence longs (MFE, Grifols, Henkel, VW), fade...

Jesus Rodriguez Aguilar

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