Global base oils – the week ahead

- Lube demand mixed; base oils demand firm

o Italy - lube demand falls in February

o France - lube demand falls in January

o Germany - lube demand falls in January

o Thailand - lube demand falls in February

o Japan - lube demand falls in February

o Brazil - lube demand falls in February

o Global automobile sales mostly trend lower in February

o Lockdowns dampen Chinese demand

o Purchasing managers’ indexes falls in China, US, Europe

o Base oils demand weak in China

o Base oils demand firm in other markets as buyers prioritize security of supply, wary of supply tightness, higher prices