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>The market is moving into its seasonal demand recovery with supply still constrained, leaving South Korea, India and other alternative suppliers to cover more of the shortfall just as maintenance could reduce their ability to do so.</li></ul><ul><li>The summer slowdown is giving way to a seasonal demand recovery just as spare supply remains thin, making every major export source more important.</li><li>Supply is being redistributed rather than restored. South Korea, India and China have increased their importance as Middle East and other Asian flows weaken, but the shift leaves the market more exposed to disruption at any one of those suppliers.</li></ul>

The market is moving into its seasonal demand recovery with supply still constrained, leaving South Korea, India and other alternative suppliers to cover more of the shortfall just as maintenance could reduce their ability to do so.The summer slowdown is giving way to a seasonal demand recovery just as spare supply remains thin, making every major export source more important.Supply is being redistributed rather than restored. South Korea, India and China have increased their importance as Middle East and other Asian flows weaken, but the shift leaves the market more exposed to disruption at any one of those suppliers.

Base Oils and Lubricants: Weekly Global Market Review - 21 Aug '26

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>
Refinancing Pressure Eases: YPF successfully priced a US$550m tap of 2034 notes at 8.1%, reinforcing international market access and proactively managing debt maturities into the next decade.</li>
<li>
Strategic Asset Rationalization: Divesting US$575m in conventional assets accelerates the shift toward high-margin Vaca Muerta shale production, structurally improving the cost base despite near-term free cash flow constraints.</li>
<li>
Duration Risk Management: While credit execution is strong, political risks ahead of the 2027 elections make shorter-dated 2031 bonds a more efficient risk-adjusted expression of an Overweight stance.</li>
</ul>



Refinancing Pressure Eases: YPF successfully priced a US$550m tap of 2034 notes at 8.1%, reinforcing international market access and proactively managing debt maturities into the next decade.

Strategic Asset Rationalization: Divesting US$575m in conventional assets accelerates the shift toward high-margin Vaca Muerta shale production, structurally improving the cost base despite near-term free cash flow constraints.

Duration Risk Management: While credit execution is strong, political risks ahead of the 2027 elections make shorter-dated 2031 bonds a more efficient risk-adjusted expression of an Overweight stance.


YPF Prices US$550m 8.250% 2034 Tap at 8.1%

<ul><li>Summer seasonality is providing some relief to the tight base oils market, with slower lubricant demand helping offset the loss of Middle East supply and allowing the market to operate with a thinner surplus</li></ul><ul><li>The underlying supply position remains tight, with Middle East disruptions continuing to remove significant volumes and Group III availability still under the greatest pressure.</li><li>Asia's June supply fell faster than lubricant demand, cutting the regional surplus sharply and leaving less spare material to absorb stronger requirements later in the year.</li></ul>

Summer seasonality is providing some relief to the tight base oils market, with slower lubricant demand helping offset the loss of Middle East supply and allowing the market to operate with a thinner surplusThe underlying supply position remains tight, with Middle East disruptions continuing to remove significant volumes and Group III availability still under the greatest pressure.Asia's June supply fell faster than lubricant demand, cutting the regional surplus sharply and leaving less spare material to absorb stronger requirements later in the year.

Base Oils and Lubricants: Weekly Global Market Review - 14 Aug '26

<ul><li>Asia and China accounted for 55% of global supply, maintaining a share above 50% for the ninth straight month despite lower regional output.</li><li>Global demand rose by more than 4% in May, but growth slowed to its weakest pace in 11 months as stock-building eased.</li><li>The global surplus held below year-earlier levels for the eighth time in nine months, with the January-May surplus down by about 35% from the same period in 2025.</li></ul>

Asia and China accounted for 55% of global supply, maintaining a share above 50% for the ninth straight month despite lower regional output.Global demand rose by more than 4% in May, but growth slowed to its weakest pace in 11 months as stock-building eased.The global surplus held below year-earlier levels for the eighth time in nine months, with the January-May surplus down by about 35% from the same period in 2025.

Global Base Oils Supply Falls To 13-Month Low In May

<ul><li>Cargo loadings from Taiwan slowed, after a surge in shipments in late July and early August, with one cargo moving to China in recent days.</li><li>A cargo loaded from South Korea in second-half June  and reached Brazil in recent days, after a stop in South Africa.</li><li>A large cargo loaded from Singapore in the past week before heading to Fujairah, UAE, set to arrive in second-half August; it is the first such shipment to the UAE since March.</li></ul>

Cargo loadings from Taiwan slowed, after a surge in shipments in late July and early August, with one cargo moving to China in recent days.A cargo loaded from South Korea in second-half June  and reached Brazil in recent days, after a stop in South Africa.A large cargo loaded from Singapore in the past week before heading to Fujairah, UAE, set to arrive in second-half August; it is the first such shipment to the UAE since March.

Global Base Oils Cargo Flows: Week To 14 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)

Base Oils and Lubricants: Weekly Global Market Review - 21 Aug '26

The market is moving into its seasonal demand recovery with supply still constrained, leaving South Korea, India and other alternative suppliers...

Base Oil News

YPF Prices US$550m 8.250% 2034 Tap at 8.1%

YPF’s US$550m tap and strategic Vaca Muerta pivot signal a major credit turning point; discover why the 2031s offer the best risk-adjusted carry...

Leandro Gubler

Base Oils and Lubricants: Weekly Global Market Review - 14 Aug '26

Summer seasonality is providing some relief to the tight base oils market, with slower lubricant demand helping offset the loss of Middle East...

Base Oil News

Global Base Oils Supply Falls To 13-Month Low In May

Asia and China accounted for 55% of global supply, maintaining a share above 50% for the ninth straight month despite lower regional...

Base Oil News

Global Base Oils Cargo Flows: Week To 14 August

Cargo loadings from Taiwan slowed, after a surge in shipments in late July and early August, with one cargo moving to China in recent days. A...

Base Oil News

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