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>Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.</li><li>Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.</li><li>Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.</li></ul>

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.

Global Base Oils Cargo Flows: Week To 29 May

<ul><li>Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back.</li><li>South Korea and India maintained high base oils run-rates in April despite global disruptions and pressure to prioritise diesel output, supporting steady regional supply.</li><li>China’s high domestic base oils output curbed import demand, while stronger lubricants exports increased volumes in external markets.</li></ul>

Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back.South Korea and India maintained high base oils run-rates in April despite global disruptions and pressure to prioritise diesel output, supporting steady regional supply.China’s high domestic base oils output curbed import demand, while stronger lubricants exports increased volumes in external markets.

Base Oils and Lubricants: Weekly Global Market Review - 29 May '26

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>Key Outcome: YPF’s shale transition is strengthening credit resilience, with 1Q26 EBITDA up 28.1% YoY, leverage down to 2.01x, and lifting costs at $8.8/boe.</li>
<li>Risk/Volatility: Valuation now requires more discipline after the rally, with YPF already trading materially inside Argentina sovereign risk and political-cycle volatility still relevant.</li>
<li>Valuation Driver: We still prefer the 8.250% 2034s as the best belly expression, while long-end extension offers insufficient spread pickup for the added duration.</li>
</ul>


Key Outcome: YPF’s shale transition is strengthening credit resilience, with 1Q26 EBITDA up 28.1% YoY, leverage down to 2.01x, and lifting costs at $8.8/boe.
Risk/Volatility: Valuation now requires more discipline after the rally, with YPF already trading materially inside Argentina sovereign risk and political-cycle volatility still relevant.
Valuation Driver: We still prefer the 8.250% 2034s as the best belly expression, while long-end extension offers insufficient spread pickup for the added duration.


YPF 1Q26: Shale Is Working, Spreads Are Not Waiting

<ul><li>Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days.</li><li>Taiwan’s export volumes so far in May remained similar to April and below March levels.</li><li>Cargo of Group III base oils loaded from Indonesia in second-half March before heading to Northwest Europe, arrived in recent days.</li></ul>

Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days.Taiwan’s export volumes so far in May remained similar to April and below March levels.Cargo of Group III base oils loaded from Indonesia in second-half March before heading to Northwest Europe, arrived in recent days.

Global Base Oils Cargo Flows: Week To 22 May

<ul><li>Asia's export cushion narrowed as South Korea, Taiwan and Singapore flows all weakened simultaneously — leaving global markets with less cover</li><li>South Korea's April exports to the US slumped to a near-six-year low — deepening Group III supply risks as Middle East flows stayed halted</li><li>Singapore's April imports temporarily eased regional pressure — but softer May exports pointed to the buffer starting to thin</li></ul>

Asia's export cushion narrowed as South Korea, Taiwan and Singapore flows all weakened simultaneously — leaving global markets with less coverSouth Korea's April exports to the US slumped to a near-six-year low — deepening Group III supply risks as Middle East flows stayed haltedSingapore's April imports temporarily eased regional pressure — but softer May exports pointed to the buffer starting to thin

Base Oils and Lubricants: Weekly Global Market Review - 22 May '26

Argentina

YPF Sociedad Anonima is involved in the exploration, development and production of crude oil, natural gas and liquefied petroleum gas. The Company also refines, markets, and distributes oil alongside its derivatives YPF generates nearly all of its revenue inside Argentina, and has headquarters in Buenos Aires, Argentina.

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YPF SA (YPF US)

Global Base Oils Cargo Flows: Week To 29 May

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia. Taiwan’s base...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 29 May '26

Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back. South Korea and...

Base Oil News

YPF 1Q26: Shale Is Working, Spreads Are Not Waiting

YPF’s shale story is working, but spreads have already moved fast, making curve selection more important than broad beta exposure.

Leandro Gubler

Global Base Oils Cargo Flows: Week To 22 May

Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days. Taiwan’s...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 22 May '26

Asia's export cushion narrowed as South Korea, Taiwan and Singapore flows all weakened simultaneously — leaving global markets with less...

Base Oil News

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