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 values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025.</li><li>Firm base oils margins coincide with strong diesel premium to crude oil that incentivizes refiners to boost output of the motor fuel.</li><li>Any such move would likely impact light-grade base oils more than heavy grades, whose firm margins incentivize refiners to maintain high output of the product.</li></ul>

Global base oils values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025.Firm base oils margins coincide with strong diesel premium to crude oil that incentivizes refiners to boost output of the motor fuel.Any such move would likely impact light-grade base oils more than heavy grades, whose firm margins incentivize refiners to maintain high output of the product.

Global base oils margins outlook: Week of 7 July

<ul><li>US Group II export base oils price-premium to vacuum gasoil starts Q3 2025 at slightly lower levels than at start of Q3 2024.</li><li>In Q3 2024, US base oils price premium to VGO extends rise after surging from end-Q1 2024.</li><li>US base oils price-premium to VGO extends surge in Q3 2024 even with less feasible arbitrage to outlets like Europe, Middle East and India.</li></ul>

US Group II export base oils price-premium to vacuum gasoil starts Q3 2025 at slightly lower levels than at start of Q3 2024.In Q3 2024, US base oils price premium to VGO extends rise after surging from end-Q1 2024.US base oils price-premium to VGO extends surge in Q3 2024 even with less feasible arbitrage to outlets like Europe, Middle East and India.

Global base oils arb outlook: Week of 7 July

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>Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.</li>
<li>The latter will also house the hydrogen and water assets.</li>
<li>Pending further details, we are placing the company under review.</li>
</ul>


Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.
The latter will also house the hydrogen and water assets.
Pending further details, we are placing the company under review.


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 27/Jun, U.S. crude inventories rose by 3.8m barrels (vs. expectations of a 3.5m barrel decline). Gasoline stockpiles rose more than expected.</li>
<li>The EIA reported a 55 Bcf storage build, while analysts forecasted a 48 Bcf increase. Storage levels are 6.2% above the five-year average but 5.6% below year-ago levels.</li>
<li>BlackRock may offload its gas pipeline stake back to Aramco, while JP Morgan cut its 12-month PT on SLB and Goldman Sachs did the same for Halliburton.</li>
</ul>


For the week ending 27/Jun, U.S. crude inventories rose by 3.8m barrels (vs. expectations of a 3.5m barrel decline). Gasoline stockpiles rose more than expected.
The EIA reported a 55 Bcf storage build, while analysts forecasted a 48 Bcf increase. Storage levels are 6.2% above the five-year average but 5.6% below year-ago levels.
BlackRock may offload its gas pipeline stake back to Aramco, while JP Morgan cut its 12-month PT on SLB and Goldman Sachs did the same for Halliburton.


[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook

<ul><li>Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall.</li><li>Firmer base oils price-differentials curb pressure on refiners to adjust output in response to squeezed margins.</li><li>Firmer margins, and easing pressure to adjust output, coincide with prospect of easing supply-demand fundamentals in coming weeks.</li></ul>

Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall.Firmer base oils price-differentials curb pressure on refiners to adjust output in response to squeezed margins.Firmer margins, and easing pressure to adjust output, coincide with prospect of easing supply-demand fundamentals in coming weeks.

Global base oils margins outlook: Week of 30 June

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

Global base oils margins outlook: Week of 7 July

Global base oils values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025. Firm base...

Base Oil News

Global base oils arb outlook: Week of 7 July

US Group II export base oils price-premium to vacuum gasoil starts Q3 2025 at slightly lower levels than at start of Q3 2024. In Q3 2024, US base...

Base Oil News

AUCTUS ON FRIDAY - 04/07/2025

Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing...

Auctus Advisors

[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook

US crude inventories unexpectedly rose, gasoline stockpiles increased, natural gas storage levels are above average but below last year, BlackRock...

Mint Finance

Global base oils margins outlook: Week of 30 June

Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall. Firmer base oils price-differentials curb pressure...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global base oils margins outlook: Week of 7 July

Global base oils values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025. Firm base...

Base Oil News

Global base oils arb outlook: Week of 7 July

US Group II export base oils price-premium to vacuum gasoil starts Q3 2025 at slightly lower levels than at start of Q3 2024. In Q3 2024, US base...

Base Oil News

AUCTUS ON FRIDAY - 04/07/2025

Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing...

Auctus Advisors

[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook

​US crude inventories unexpectedly rose, gasoline stockpiles increased, natural gas storage levels are above average but below last year, BlackRock...

Mint Finance

Global base oils margins outlook: Week of 30 June

Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall. Firmer base oils price-differentials curb pressure...

Base Oil News

US crude inventories unexpectedly rose, gasoline stockpiles increased, natural gas storage levels are above average but below last year, BlackRock...