· Global base oils prices extend gains vs feedstock/competing fuel prices even as diesel premium to crude holds close to lowest in almost a year.· Firmer base oils values incentivize refiners to prioritise base oils output rather than diesel.· FOB NE Asia Group II light/heavy-grade price premium to Singapore gasoil extends surge to highest since Q2 2023..· FOB Asia Group I price premium to Singapore gasoil extends rise to highest since Q2 2023.· Rising premiums incentivize refiners to boost base oils output..· Domestic China Group II light-grade price premium to Shandong diesel prices holds in narrow range since H2 Dec 2023..· Steady premium contrasts with surge and then slump in base oil premium in H1 2023.· Steady premium at lower levels could support steady domestic base oils output..· CFR India N70 premium to Singapore gasoil prices edges up to highest since Nov 2023..· Rising premium incentivizes Asia refiners to maintain or raise base oils output..· Europe’s Group I brightstock export price premium to VGO extends rise to highest in almost five months, stays well above domestic price premium to VGO..· Europe’s Group II N150 premium to VGO stays in narrow range even as it rises to highest since mid-Jan 2024.· Europe’s Group III 4cSt (low) premium to VGO stays close to lowest since H1 2022 even as it recovers to highest since mid-Feb 2024..· US Group II domestic light-grade premium to VGO rises to highest since H1 Jan 2024.· US Group II domestic heavy-grade premium to VGO rises to highest since end-March 2024.· US Group III 4cSt base oils premium to VGO rises to highest since early-April 2024..· Trend reflects recent outperformance of Group II light grades vs Group II heavy grades and vs Group III prices.· Trend incentivizes refiners to boost output of Group II light grades rather than redirect supplies to the diesel pool.· US Group II light-grade posted-price premium to VGO rises to highest in close to six months.· US Group III 4cSt posted-price premium to VGO falls to lowest since Q2 2022..Asia base oils demand outlook: Week of 13 May.Asia base oils supply outlook: Week of 13 May
· Global base oils prices extend gains vs feedstock/competing fuel prices even as diesel premium to crude holds close to lowest in almost a year.· Firmer base oils values incentivize refiners to prioritise base oils output rather than diesel.· FOB NE Asia Group II light/heavy-grade price premium to Singapore gasoil extends surge to highest since Q2 2023..· FOB Asia Group I price premium to Singapore gasoil extends rise to highest since Q2 2023.· Rising premiums incentivize refiners to boost base oils output..· Domestic China Group II light-grade price premium to Shandong diesel prices holds in narrow range since H2 Dec 2023..· Steady premium contrasts with surge and then slump in base oil premium in H1 2023.· Steady premium at lower levels could support steady domestic base oils output..· CFR India N70 premium to Singapore gasoil prices edges up to highest since Nov 2023..· Rising premium incentivizes Asia refiners to maintain or raise base oils output..· Europe’s Group I brightstock export price premium to VGO extends rise to highest in almost five months, stays well above domestic price premium to VGO..· Europe’s Group II N150 premium to VGO stays in narrow range even as it rises to highest since mid-Jan 2024.· Europe’s Group III 4cSt (low) premium to VGO stays close to lowest since H1 2022 even as it recovers to highest since mid-Feb 2024..· US Group II domestic light-grade premium to VGO rises to highest since H1 Jan 2024.· US Group II domestic heavy-grade premium to VGO rises to highest since end-March 2024.· US Group III 4cSt base oils premium to VGO rises to highest since early-April 2024..· Trend reflects recent outperformance of Group II light grades vs Group II heavy grades and vs Group III prices.· Trend incentivizes refiners to boost output of Group II light grades rather than redirect supplies to the diesel pool.· US Group II light-grade posted-price premium to VGO rises to highest in close to six months.· US Group III 4cSt posted-price premium to VGO falls to lowest since Q2 2022..Asia base oils demand outlook: Week of 13 May.Asia base oils supply outlook: Week of 13 May