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>Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months.</li><li>Americas supply dipped as plant maintenance in Brazil combined with US output falling to a 14-month low.</li><li>Middle East supply fell to its lowest level in more than seven years, with a slump in Group III shipments outweighing a rise in flows from Saudi Arabia.</li></ul>

Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months.Americas supply dipped as plant maintenance in Brazil combined with US output falling to a 14-month low.Middle East supply fell to its lowest level in more than seven years, with a slump in Group III shipments outweighing a rise in flows from Saudi Arabia.

Global Base Oils Supply Falls To 16-Month Low In June

<ul><li>Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recover</li></ul><ul><li>Middle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.</li><li>Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.</li></ul>

Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recoverMiddle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.

Base Oils and Lubricants: Weekly Global Market Review - 4 Sept '26

<ul><li>A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week.</li><li>Shipments from Taiwan typically move to China, Southeast Asia or India rather than to South Korea.</li><li>Singapore-to-US shipments extended their surge for a second week, even as total Singapore exports declined.</li></ul>

A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week.Shipments from Taiwan typically move to China, Southeast Asia or India rather than to South Korea.Singapore-to-US shipments extended their surge for a second week, even as total Singapore exports declined.

Global Base Oils Cargo Flows: Week To 4 September

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>
Structural Asset Transformation: YPF is successfully pivoting to a high-margin shale-weighted portfolio, driving a 53% YoY EBITDA surge and 44% reduction in lifting costs despite weaker global commodity prices.</li>
<li>
Persistent Liquidity Constraints: Despite robust market access and strategic divestments, short-term debt remains high at 197% of cash, with $2.1 billion in 2026 maturities requiring disciplined refinancing execution.</li>
<li>
Sovereign Risk Overlay: Improving credit fundamentals remain capped by Argentina’s macro volatility; investors should prioritize "belly" curve exposure (2034s) for superior convexity and protection against 2027 political cycles.</li>
</ul>



Structural Asset Transformation: YPF is successfully pivoting to a high-margin shale-weighted portfolio, driving a 53% YoY EBITDA surge and 44% reduction in lifting costs despite weaker global commodity prices.

Persistent Liquidity Constraints: Despite robust market access and strategic divestments, short-term debt remains high at 197% of cash, with $2.1 billion in 2026 maturities requiring disciplined refinancing execution.

Sovereign Risk Overlay: Improving credit fundamentals remain capped by Argentina’s macro volatility; investors should prioritize "belly" curve exposure (2034s) for superior convexity and protection against 2027 political cycles.


YPF 4Q25: Downstream Strength and Shale Scale Offset Price Headwinds

<ul><li>A slowdown in cargo loadings from Taiwan extended into a second week, leaving total August volumes relatively low so far.</li><li>An unusually large cargo loaded from Singapore in the past week before heading to Hong Kong.</li><li>The last time a cargo of this size moved from Singapore to Hong Kong was in 2023.</li></ul>

A slowdown in cargo loadings from Taiwan extended into a second week, leaving total August volumes relatively low so far.An unusually large cargo loaded from Singapore in the past week before heading to Hong Kong.The last time a cargo of this size moved from Singapore to Hong Kong was in 2023.

Global Base Oils Cargo Flows: Week To 21 August

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 Supply Falls To 16-Month Low In June

Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months. Americas supply...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 4 Sept '26

Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal...

Base Oil News

Global Base Oils Cargo Flows: Week To 4 September

A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week. Shipments from...

Base Oil News

YPF 4Q25: Downstream Strength and Shale Scale Offset Price Headwinds

YPF’s shale pivot is driving record efficiency and deleveraging. Learn why the 2034 bonds offer the best risk-adjusted value to capture this...

Leandro Gubler

Global Base Oils Cargo Flows: Week To 21 August

A slowdown in cargo loadings from Taiwan extended into a second week, leaving total August volumes relatively low so far. An unusually large cargo...

Base Oil News

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