After a period of significant price increases in April xxxx, the US Base Oil market witnessed a welcome shift towards stability in May xxxx. This stabilization was attributed to several producer price adjustments for Base Oil. Following the initial surge in mid-April, recent weeks saw adjustments from major players like SK Enmove and Motiva. These adjustments involved price reductions for their Group II+ and Group III Base Oils, signaling a potential shift in the supply-demand dynamic. The earlier price hikes, particularly for Group I and Group II categories, were likely driven by rising crude oil costs and anticipation of increased summer demand. However, May saw a rebalancing act as supply in specific segments, like Group II+ and Group III Base Oil, appeared to catch up with demand which kept the balanced market scenario. Upstream crude oil prices, a key determinant of production costs, remained relatively unchanged throughout...
