Base Oil Prices: During the second quarter of 2023 | ChemAnalyst
F or the Quarter Ending June 2023 North America During the second quarter, the overall base oil market in the US contracted as compared to the first quarter, which was influenced by the higher interest rates. A downtrend of base oil prices in the US has been observed for another quarter due to the persistent rise in interest rates accounted by the FED has negatively affected overall demand. As per the data, the Industrial Production Total Index for the US fell from 103.1 (April) to 103 (May), causing the economic activities to be low. Despite the Memorial Day Holiday on May 29, suppliers had not met expectations due to higher inventories than the previous year. Reservoirs were ample enough to meet the demand. Regardless of simulating buying interest by offering lowered prices, acquisition remained low. Moreover, domestic companies such as Chevron and SK Enmove were reducing the prices of Group III during May. Economic uncertainties and high lubricant prices inf...