· Global base oils prices mostly rise versus feedstock/competing fuel prices, boosting attraction of maintaining or raising base oils output.· FOB Asia Group I and Group II base oil price premiums to regional gasoil prices surge.· FOB NE Asia Group II N500 premium to regional diesel price rises to highest since Q2 2023..· Surging base oils premium to diesel boosts incentive for refiners to maintain or raise base oils output..· Domestic Chinese Group II N150 premium to Shandong diesel prices holds in narrow range so far in April 2024, stays well below year-earlier levels..· Steady premium at lower levels curbs prospect of build-up of surplus supplies in China’s domestic market..· CFR India Group II N70 premium to Singapore gasoil prices rises to highest in almost five months..· Premium surges after holding in narrow range throughout most of this year.· Rebounding premium likely reflects more the recent drop in gasoil prices rather than any major change in supply-demand fundamentals..· Europe’s Group I export prices extend strong rebound vs VGO since early March 2024 to highest since late last year/early this year..· Rising price premiums contrast with more rangebound domestic Group I price premiums to VGO.· Europe’s Group II light-grade price premium to VGO extends fall to lowest since end-Q3 2023.· Europe’s Group III 4cSt (low) premium to VGO steadies close to lowest since Q2 2022..· US Group II export price premium to heating oil extends rise to highest in more than four months.· US Group II domestic spot price premium to VGO stays low, close to lowest since Q2 2022.· US Group II light-grade posted price premium to VGO holds close to three-month high and similar to year-earlier levels.· US Group III 4cSt premium to VGO steadies at lowest since Q1 2021..· Sliding Group III 4cSt premium cuts attraction of producing more of the premium-grade product..Asia base oils demand outlook: Week of 22 April.Asia base oils supply outlook: Week of 22 April
· Global base oils prices mostly rise versus feedstock/competing fuel prices, boosting attraction of maintaining or raising base oils output.· FOB Asia Group I and Group II base oil price premiums to regional gasoil prices surge.· FOB NE Asia Group II N500 premium to regional diesel price rises to highest since Q2 2023..· Surging base oils premium to diesel boosts incentive for refiners to maintain or raise base oils output..· Domestic Chinese Group II N150 premium to Shandong diesel prices holds in narrow range so far in April 2024, stays well below year-earlier levels..· Steady premium at lower levels curbs prospect of build-up of surplus supplies in China’s domestic market..· CFR India Group II N70 premium to Singapore gasoil prices rises to highest in almost five months..· Premium surges after holding in narrow range throughout most of this year.· Rebounding premium likely reflects more the recent drop in gasoil prices rather than any major change in supply-demand fundamentals..· Europe’s Group I export prices extend strong rebound vs VGO since early March 2024 to highest since late last year/early this year..· Rising price premiums contrast with more rangebound domestic Group I price premiums to VGO.· Europe’s Group II light-grade price premium to VGO extends fall to lowest since end-Q3 2023.· Europe’s Group III 4cSt (low) premium to VGO steadies close to lowest since Q2 2022..· US Group II export price premium to heating oil extends rise to highest in more than four months.· US Group II domestic spot price premium to VGO stays low, close to lowest since Q2 2022.· US Group II light-grade posted price premium to VGO holds close to three-month high and similar to year-earlier levels.· US Group III 4cSt premium to VGO steadies at lowest since Q1 2021..· Sliding Group III 4cSt premium cuts attraction of producing more of the premium-grade product..Asia base oils demand outlook: Week of 22 April.Asia base oils supply outlook: Week of 22 April
