· Global base oils prices trend higher vs competing/feedstock fuels, ICIS data shows.· Higher margins coincide with weaker gasoil values vs crude oil.· Diverging trends could incentivize refiners to maintain or raise base oils output.· Asia base oils prices resume rise vs regional gasoil prices to highest in more than three months..· Only Group I light-grade prices stay at discount to regional gasoil prices..· Domestic Chinese Group II light-grade price premium to Shandong diesel prices holds firm at highest since early July 2023, similar to year-earlier levels.· Domestic Chinese Group II light-grade premium to diesel prices then surged in Nov-Dec 2022..· Europe’s Group I price-premium to gasoil moves close to highest since 1H July 2023, up more than $150/t since mid-Sep 2023.· Europe’s Group II price-premium to gasoil rises close to highest since 2H July 2023.· Europe’s Group III price-premium to gasoil holds close to lowest since Q3 2022.· Europe’s Group I price-premium to VGO trends up, above average level for 2023.· Europe’s Group II price-premium to VGO trends up, still close to $100/t below average level for 2023..· US Group II light-grade export prices maintain premium to heating oil, steep premium to average levels in 2023; premium stays well below average levels in 2022.· US light-grade domestic price premium to VGO extends rise to highest since end-Q2 2023.· US Group III price premium to VGO stays close to lowest since Q2 2022, almost $200/t below average levels for 2023..· US Group II light/heavy-grade posted price premium to heating oil holds firm..Global base oils - week of Oct 23: Demand outlook
· Global base oils prices trend higher vs competing/feedstock fuels, ICIS data shows.· Higher margins coincide with weaker gasoil values vs crude oil.· Diverging trends could incentivize refiners to maintain or raise base oils output.· Asia base oils prices resume rise vs regional gasoil prices to highest in more than three months..· Only Group I light-grade prices stay at discount to regional gasoil prices..· Domestic Chinese Group II light-grade price premium to Shandong diesel prices holds firm at highest since early July 2023, similar to year-earlier levels.· Domestic Chinese Group II light-grade premium to diesel prices then surged in Nov-Dec 2022..· Europe’s Group I price-premium to gasoil moves close to highest since 1H July 2023, up more than $150/t since mid-Sep 2023.· Europe’s Group II price-premium to gasoil rises close to highest since 2H July 2023.· Europe’s Group III price-premium to gasoil holds close to lowest since Q3 2022.· Europe’s Group I price-premium to VGO trends up, above average level for 2023.· Europe’s Group II price-premium to VGO trends up, still close to $100/t below average level for 2023..· US Group II light-grade export prices maintain premium to heating oil, steep premium to average levels in 2023; premium stays well below average levels in 2022.· US light-grade domestic price premium to VGO extends rise to highest since end-Q2 2023.· US Group III price premium to VGO stays close to lowest since Q2 2022, almost $200/t below average levels for 2023..· US Group II light/heavy-grade posted price premium to heating oil holds firm..Global base oils - week of Oct 23: Demand outlook