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 price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.</li><li>Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.</li><li>Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.</li></ul>

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.

Global base oils arb outlook: Week of 23 June

<ul><li>US base oils prices fall relative to feedstock/competing fuel prices following recent surge in crude oil prices.</li><li>Dip in US export price-premium to vacuum gasoil in June 2025 contrasts with sustained surge of price-premium in Q2-Q3 2024.</li><li>Weaker price-premium points to softer supply-demand fundamentals at end-Q2 2025 compared with year earlier.</li></ul>

US base oils prices fall relative to feedstock/competing fuel prices following recent surge in crude oil prices.Dip in US export price-premium to vacuum gasoil in June 2025 contrasts with sustained surge of price-premium in Q2-Q3 2024.Weaker price-premium points to softer supply-demand fundamentals at end-Q2 2025 compared with year earlier.

Americas/EMEA base oils supply outlook: Week of 23 June

<ul><li>US base oils demand could get support from higher crude oil prices that curb prospect of fall in base oils prices.</li><li>Even so, expectations of ready availability of supplies, combined with seasonal slowdown in lube consumption in coming weeks, likely to incentivize buyers to maintain low stocks.</li><li>Buyers face ongoing challenge of balancing expectations of weak fundamentals with repercussions of higher crude oil prices and risk of weather-related supply disruptions during Atlantic hurricane season.</li></ul>

US base oils demand could get support from higher crude oil prices that curb prospect of fall in base oils prices.Even so, expectations of ready availability of supplies, combined with seasonal slowdown in lube consumption in coming weeks, likely to incentivize buyers to maintain low stocks.Buyers face ongoing challenge of balancing expectations of weak fundamentals with repercussions of higher crude oil prices and risk of weather-related supply disruptions during Atlantic hurricane season.

Americas/EMEA base oils demand outlook: Week of 23 June

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>EM spreads hold steady, while LatAm spreads expand 5 bps. </li>
<li>Brazil’s economic growth is expected to slow after four years above 3%, as persistent inflation, tight monetary policy, and limited fiscal adjustment weigh on the outlook. </li>
<li>Minerva Announces Divestment of Uruguayan Asset to Allana / YPF Advances Divestment Strategy to Prioritize Vaca Muerta Development / CSN Cimentos Brasil Finalizes Terms of R$550 Million Debenture Offering</li>
</ul>


EM spreads hold steady, while LatAm spreads expand 5 bps. 
Brazil’s economic growth is expected to slow after four years above 3%, as persistent inflation, tight monetary policy, and limited fiscal adjustment weigh on the outlook. 
Minerva Announces Divestment of Uruguayan Asset to Allana / YPF Advances Divestment Strategy to Prioritize Vaca Muerta Development / CSN Cimentos Brasil Finalizes Terms of R$550 Million Debenture Offering


<ul><li>Global base oils margins fall as feedstock/competing fuel prices surge.</li><li>Sharp fall in base oils margins reflect impact of higher crude/diesel prices rather than any sudden change in base oils supply-demand fundamentals.</li><li>Fall in base oils margins comes at a time of year when supply-demand fundamentals are already starting to face downward pressure.</li></ul>

Global base oils margins fall as feedstock/competing fuel prices surge.Sharp fall in base oils margins reflect impact of higher crude/diesel prices rather than any sudden change in base oils supply-demand fundamentals.Fall in base oils margins comes at a time of year when supply-demand fundamentals are already starting to face downward pressure.

Global base oils margins outlook: Week of 16 June

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 arb outlook: Week of 23 June

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 23 June

US base oils prices fall relative to feedstock/competing fuel prices following recent surge in crude oil prices. Dip in US export price-premium to...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 23 June

US base oils demand could get support from higher crude oil prices that curb prospect of fall in base oils prices. Even so, expectations of ready...

Base Oil News

EM Spreads - Weekly News & Views

EM spreads hold steady, Brazil macro update, YPF advances shale pivot, Minerva finalizes Uruguay asset sale, and CSN Cimentos prices R$550mn issue.

Leandro Gubler

Global base oils margins outlook: Week of 16 June

Global base oils margins fall as feedstock/competing fuel prices surge. Sharp fall in base oils margins reflect impact of higher crude/diesel...

Base Oil News

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