· Crude oil prices rebound from start of April after OPEC+ announces production cut.· But crude prices hold in narrow range after rebounding at start of last week – staying within price-band in place since mid-November.· Prospect of tighter crude oil supply, high interest rates and slowing economic growth complicate crude oil price outlook and lube blenders’ procurement plans.· Higher crude oil prices and seasonal rise in lube demand should support higher base oils prices.· Prospect of higher base oils prices typically adds to pick-up in demand.· But buyers show signs of maintaining strategy of procuring smaller volumes more regularly.· Strategy points to expectations of sufficient supply as and when buyers require additional volumes..Global base oils - week of April 3: Demand outlook
· Crude oil prices rebound from start of April after OPEC+ announces production cut.· But crude prices hold in narrow range after rebounding at start of last week – staying within price-band in place since mid-November.· Prospect of tighter crude oil supply, high interest rates and slowing economic growth complicate crude oil price outlook and lube blenders’ procurement plans.· Higher crude oil prices and seasonal rise in lube demand should support higher base oils prices.· Prospect of higher base oils prices typically adds to pick-up in demand.· But buyers show signs of maintaining strategy of procuring smaller volumes more regularly.· Strategy points to expectations of sufficient supply as and when buyers require additional volumes..Global base oils - week of April 3: Demand outlook
