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 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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMs</li><li>Upstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciation</li><li>We expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customers</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due to higher refining GRMsUpstream segment earnings to decline by 0.2% YoY but grow by 6.3% QoQ owing to sequential rise in crude prices and rupee depreciationWe expect high LNG spot rate to have an adverse impact on natural gas offtake volume from Industrial and Commercial customersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

<ul><li>Asia’s base oils demand could stay more cautious as signs of healthy stocks and rising supplies curb urgency to buy.</li><li>Any need to move surplus supplies to markets beyond Asia could put pressure on adjustment in prices to make those shipments more feasible.</li><li>Any such moves, and the subsequent prospect of additional price-pressure, could add to attraction of procuring smaller volumes more frequently.</li></ul>

Asia’s base oils demand could stay more cautious as signs of healthy stocks and rising supplies curb urgency to buy.Any need to move surplus supplies to markets beyond Asia could put pressure on adjustment in prices to make those shipments more feasible.Any such moves, and the subsequent prospect of additional price-pressure, could add to attraction of procuring smaller volumes more frequently.

Asia base oils demand outlook: Week of 13 October

<ul><li>Asia’s Group II base oils price-premium to Singapore gasoil holds in narrow range.</li><li>Firm gasoil premium to crude oil puts more pressure on refiners to trim light-grade supply rather than heavy grades, despite persistent surplus availability of heavy grades.</li><li>Asia’s base oils supply-surplus could face more upward pressure over coming months, even with firmer gasoil premium to crude, amid lighter round of plant-maintenance and start-up of new base oils units.</li></ul>

Asia’s Group II base oils price-premium to Singapore gasoil holds in narrow range.Firm gasoil premium to crude oil puts more pressure on refiners to trim light-grade supply rather than heavy grades, despite persistent surplus availability of heavy grades.Asia’s base oils supply-surplus could face more upward pressure over coming months, even with firmer gasoil premium to crude, amid lighter round of plant-maintenance and start-up of new base oils units.

Asia base oils supply outlook: Week of 13 October

<ul><li>Asia Group I heavy-neutrals price falls vs ex-tank UAE price since early-August to widest discount in more than two years.</li><li>Wider price-discount facilitates arbitrage to move surplus supplies from Asia to Middle East.</li><li>Asia’s surplus Group I supplies rise amid pick-up in imports from other regions like Europe, as well as recovery in output in markets like Thailand after plant-maintenance work.</li></ul>

Asia Group I heavy-neutrals price falls vs ex-tank UAE price since early-August to widest discount in more than two years.Wider price-discount facilitates arbitrage to move surplus supplies from Asia to Middle East.Asia’s surplus Group I supplies rise amid pick-up in imports from other regions like Europe, as well as recovery in output in markets like Thailand after plant-maintenance work.

Global base oils arb outlook: Week of 13 October

India

Hindustan Petroleum Corporation Limited refines crude oil and manufactures petroleum and petroleum products. The Company's products, which are sold via outlets throughout India, include lube products, lubricating oil, aviation fuel, hydraulic brake fluid, greases, liquefied petroleum gas and insecticides. The Government of India is the majority shareholder in the company.

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Hindustan Petroleum (HPCL IN)

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

Oil and Gas (Q2FY26 Result Preview): Strong refining margins to lift earnings

We expect our coverage universe EBITDA to increase by 46.8% YoY, +14% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

Asia base oils demand outlook: Week of 13 October

Asia’s base oils demand could stay more cautious as signs of healthy stocks and rising supplies curb urgency to buy. Any need to move surplus...

Base Oil News

Asia base oils supply outlook: Week of 13 October

Asia’s Group II base oils price-premium to Singapore gasoil holds in narrow range. Firm gasoil premium to crude oil puts more pressure on refiners...

Base Oil News

Global base oils arb outlook: Week of 13 October

Asia Group I heavy-neutrals price falls vs ex-tank UAE price since early-August to widest discount in more than two years. Wider price-discount...

Base Oil News

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