· Europe Group I prices correct faster than Group II prices, improving their competitiveness.· Europe unapproved Group III base oils premium to Group II prices continues to narrow.· Trend could boost buying interest from blenders with flexibility to adjust formulations fast.· Any continuation of trend for extended period likely to add to buying interest even among blenders with less flexibility.· Any pick-up in demand for Europe Group I base oils or unapproved Group III base oils could impact demand for Group II base oils.· Gap continues to widen between European prices for approved and unapproved Group III base oils.· Trend incentivizes blenders to minimize consumption of Group III supplies with approvals.· Asia Group I heavy-grade prices weaken relative to light grades.· Asia Group II prices weaken relative to Group I base oils.· Trend could boost demand for Group II base oils, pressure demand for Group I supplies.· Asia Group II heavy-grade prices maintain narrow premium to light grades.· US Group II heavy-grade prices maintain wide premium to light grades..Global base oils - week of July 17: Price outlook - margins
