Base Oil prices in the US experienced a downward trend in early November, marking a deviation from the period of relative stability observed earlier. This decline was attributed to weak demand from the downstream lubricant industry and elevated inventory levels which led major players for market adjustments to lower their offered quotations during this period.
The US Base Oil prices have declined to settle at USD xxxx/MT Base Oil Group II Hxxx during the first half of November xxxx on the back of softening demand and inventory build-up. The downstream lubricant industry has shown a significant reduction in Base Oil orders, contributing to the price decline. This softening of demand was linked to economic uncertainties due to the U.S. presidential election and reduced industrial activity. Demand for Base Oil weakened post-driving season as the downstream lubricant inventories remained elevated due to reduced consumption and...
