For the Quarter Ending June 2026
Base Oil Prices in North America
- In the USA, the Base Oil Price Index rose by 89.74% quarter-over-quarter, driven by outages.
- The average Base Oil price for the quarter was approximately USD 3082/MT, per market assessment.
- Tight nominations, export demand sustained elevated Base Oil Spot Price levels across Gulf Coast sellers.
- Refinery outages and higher insurance raised feedstock prices, lifting the Base Oil Production Cost Trend.
- Robust lubricant blending ahead of summer improved the Base Oil Demand Outlook, prompting precautionary stocking.
- Short-term Base Oil Price Forecasts indicate sustained firmness, though models project modest softening this year.
- Inventory draws and allocation policies kept the Base Oil Price Index elevated, restricting spot availability.
- Major producers limited spot offers, keeping Base Oil Spot Price bids firm amid contractual demand.
Why did the price of Base Oil change in June 2026 in North America?
- Refinery outages, maintenance and Gulf disruptions reduced volumes, tightening domestic and export supply chains.
- Increased crude, freight, and war-risk insurance raised production and delivered costs for Gulf Coast material.
- Strong seasonal lubricant blending and precautionary purchasing sustained demand despite elevated finished lubricant pricing pressures.
Canada
- In Canada, the Base Oil Price Index rose by 90.12% quarter-over-quarter, driven by geopolitical supply interruptions.
- Base Oil Spot Price strengthened as U.S. allocation, rerouted Gulf shipments tightened Vancouver import availability.
Base Oil Prices in APAC
- In Indonesia, the Base Oil Price Index rose by 97.83% quarter-over-quarter, driven by Strait of Hormuz supply disruptions.
- The average Base Oil price for the quarter was approximately USD 1794.33/MT, reflecting elevated CFR Tanjung Priok assessments.
- Base Oil Spot Price strengthened amid constrained cargoes, reflecting limited availability and elevated freight and insurance costs.
- Base Oil Price Forecast remains biased higher near-term as geopolitical risks sustain feedstock premium and shipping cost inflation.
- Base Oil Production Cost Trend tracks crude and VGO increases, pressuring margins and supporting higher seller offers.
- Base Oil Demand Outlook shows seasonal lubricant blending strength but buyer resistance limits immediate restocking and transactional momentum.
- Base Oil Price Index volatility eased later in quarter as improving supply from China moderated extreme price moves.
- Inventory draws were limited as refiners prioritized contractual volumes, while spot offers resurged amid refinery restarts.
Why did the price of Base Oil change in June 2026 in APAC?
- Supply improved as Strait of Hormuz passage eased, increasing imports and reducing acute shortage-driven premiums.
- Feedstock crude weakened sharply, compressing Base Oil Production Cost Trend and allowing sellers to moderate offers.
- High freight and container costs persisted, but softer demand constrained buying, keeping spot liquidity subdued.
Singapore
- In Singapore, the Base Oil Price Index rose by 97.87% quarter-over-quarter, driven by supply disruptions.
- Base Oil Spot Price strength early in quarter lifted the Price Index despite inventory builds.
China
- In China, the Base Oil Price Index rose by 117.08% quarter-over-quarter, driven by tight feedstock.
- Base Oil Spot Price strength emerged as imports constrained and shipping delays prioritised contractual flows.
Base Oil Prices in Europe
- In Germany, the Base Oil Price Index rose by 142.36% quarter-over-quarter, reflecting severe supply disruptions.
- The average Base Oil price for the quarter was approximately USD 2237.00/MT reflecting constrained procurement.
- European Base Oil Spot Price rose as import cargoes tightened, routing and insurance elevated costs.
- Base Oil Price Forecast points to moderation as U.S. arrivals rise and buyers resist offers.
- Base Oil Production Cost Trend rose with Brent and VGO spikes, raising replacement cost support.
- Base Oil Demand Outlook is firm for lubricant blending, though high prices may temper buying.
- Geopolitical risk caused Base Oil Price Index spikes; corrective weeks occurred as buyers reduced purchases.
- U.S. export allocations, freight increases and European turnarounds constrained spot supply, depleting distributor inventories temporarily.
Why did the price of Base Oil change in June 2026 in Europe?
- European refinery run increases boosted Group II output, easing shortages and lowering replacement cost pressure.
- Feedstock crude softened amid diplomatic progress, reducing production cost support, prompting sellers to moderate offers.
- Elevated freight and insurance persisted, but rising U.S. imports stabilised shipments and replenished distributor inventories.
Netherlands
- In Netherlands, the Base Oil Price Index rose by 143.65% quarter-over-quarter, driven by supply disruptions.
- Tight supplies elevated Base Oil Spot Price while Base Oil Price Index signalled constrained availability.
Belgium
- In Belgium, the Base Oil Price Index rose by 142.7% quarter-over-quarter, reflecting severe supply disruptions.
- Base Oil Spot Price tightened as prompt cargoes were scarce and freight surcharges elevated landed costs.
Base Oil Prices in MEA
- In Saudi Arabia, the Base Oil Price Index rose by 91.6% quarter-over-quarter, reflecting supply disruptions.
- The average Base Oil price for the quarter was approximately USD 1331.00/MT, per FOB Dammam.
- Base Oil Spot Price stayed elevated as reroutes and port congestion limited prompt cargo availability.
- Base Oil Price Forecast expects rangebound behavior if shipping normalizes and refinery runs remain steady.
- Base Oil Production Cost Trend pressured by elevated crude and rising insurance-driven freight surcharges regionally.
- Base Oil Demand Outlook remained firm as lubricant blenders restocked, substituting constrained Group III volumes.
- Base Oil Price Index volatility reflected geopolitical risk, seasonal automotive demand and regional inventory depletion.
- Major producers maintained run-rates, but intermittent outages and shipping delays sustained elevated FOB differentials regionally.
Why did the price of Base Oil change in June 2026 in MEA?
- Supply tightened from Strait of Hormuz disruptions, refinery outages and rerouted tankers, reducing export availability.
- Production costs rose as crude volatility and heightened insurance premiums increased feedstock and freight pressure.
- Logistics constraints raised transit times and costs, delaying deliveries and prompting precautionary buying, inventory stocking.
United Arab Emirates
- In UAE, the Base Oil Price Index rose by 96.97% quarter-over-quarter, driven by supply disruptions.
- Persistent freight premiums elevated Base Oil Spot Price volatility while contracted imports alleviated immediate shortages.
For the Quarter Ending March 2026
Base Oil Prices in North America
- In USA, the Base Oil Price Index fell by 1.4% quarter-over-quarter, reflecting mild bearish fundamentals.
- The average Base Oil price for the quarter was approximately USD 1729.00/MT, reflecting range-bound sentiment.
- Base Oil Spot Price firmed March as Gulf Coast exports and inventory draws tightened supplies.
- Base Oil Price Forecast indicates near-term firmness driven by geopolitical disruption and seasonal restocking ahead.
- Base Oil Production Cost Trend rose as crude and VGO prices increased after shipping disruptions.
- Base Oil Demand Outlook improved with automotive and industrial restocking, prompting contractual and spot purchases.
- Base Oil Price Index volatility rose due to paused export offers, elevated insurance premiums globally.
- Supply tightness reflected paused spot offers, higher refinery allocations and selective producer pricing, supporting firmness.
Why did the price of Base Oil change in March 2026 in North America?
- Strait of Hormuz closure pushed crude and VGO higher, pressuring Base Oil manufacturing costs significantly.
- Export suspensions, higher insurance and rerouting reduced spot availability, tightening domestic balances and prompt offers.
- Seasonal automotive restocking and pre-buying ahead of list adjustments drew inventories down, increasing buying pressure.
Base Oil Prices in APAC
- In Indonesia, the Base Oil Price Index rose by 5.9% quarter-over-quarter, as crude shipments rerouted.
- The average Base Oil price for the quarter was approximately USD 907/MT on landed basis.
- Base Oil Spot Price was volatile in March as regional supply tightened, term cargoes prioritized.
- Base Oil Price Forecast indicates strength driven by constrained feedstock flows and elevated freight costs.
- Base Oil Production Cost Trend rose as crude futures surged and tanker diversions lengthened routes.
- Base Oil Demand Outlook remains subdued post-holiday, with blenders delaying restocking and industrial consumption soft.
- Base Oil Price Index volatility reflected regional balances, with term contracts firming while spots oscillated.
- Inventory accumulation tempered rallies until March, when export demand and force majeure declarations tightened availability.
- Major refinery curtailments and supplier allocations amplified spot tightness and supported the price surge regionally.
Why did the price of Base Oil change in March 2026 in APAC?
- Middle East tensions disrupted crude flows, increasing feedstock costs and reducing spot export volumes regionally.
- Rerouting tankers lengthened voyages, elevating freight and insurance premiums, lifting import costs for base oil.
- Cautious downstream buying post-Lunar New Year saw blenders delay restocking, limiting absorption of higher offers.
Base Oil Prices in Europe
- In Germany, the Base Oil Price Index rose by 2.17% quarter-over-quarter, reflecting tighter import flows.
- The average Base Oil price for the quarter was approximately USD 1099.67/MT, reflecting ample inventories.
- Base Oil Spot Price remained steady before rising in March after shipping disruptions tightened supply.
- Base Oil Price Forecast raised for March as geopolitical risk and feedstock costs pressured offers.
- Base Oil Production Cost Trend rose as Brent spikes and freight increases elevated refinery costs.
- Base Oil Demand Outlook appears muted with blenders procuring hand to mouth, limiting restocking activity.
- Base Oil Price Index volatility intensified in March after several producers announced export price hikes.
- Inventories at German tank farms rose, tightened as exporters withheld cargoes, supporting firmer Price Index.
Why did the price of Base Oil change in March 2026 in Europe?
- Hormuz disruptions cut Group II and III exports into Europe, tightening available regional feedstock supplies.
- Brent crude spikes and elevated freight increased production costs, prompting sellers to lift offers marketwide.
- Buyers reverted to cautious procurement but restocking occurred, tightening immediate availability and supporting higher prices.
Base Oil Prices in MEA
- In Saudi Arabia, the Base Oil Price Index rose by 5.73% quarter-over-quarter, reflecting supply disruptions.
- The average Base Oil price for the quarter was approximately USD 694.67/MT, reflecting muted demand.
- Base Oil Spot Price tightened as vessel diversions and precautionary buying reduced cargo availability materially.
- Base Oil Price Forecast points to near-term firmness as freight and insurance elevate landed costs.
- Base Oil Production Cost Trend rose as higher crude feedstock tightened VGO supply, increasing expenses.
- Base Oil Demand Outlook shows export demand from India and precautionary buying supporting sustained liftings.
- Rising export inquiries and logistical reroutes elevated Base Oil Price Index, draining near-term inventories regionally.
- Major producer force majeure and maintenance curtailed loadings, amplifying upward pressure on FOB Dammam offers.
Why did the price of Base Oil change in March 2026 in MEA?
- Regional force majeure events and vessel diversions reduced cargo loadings, rapidly tightening available spot volumes.
- Rising freight, insurance and higher crude-derived feedstock costs increased production costs and supported firmer offers.
- Precautionary buying by blenders plus seasonal export demand absorbed available barrels, sustaining upward price momentum.
For the Quarter Ending December 2025
Base Oil Prices in North America
- In USA, the Base Oil Price Index fell by 1.29% quarter-over-quarter, reflecting subdued domestic demand.
- The average Base Oil price for the quarter was approximately USD 1578.33/MT, reflecting settlements mix.
- Base Oil Spot Price softened amid weak exports, year-end destocking, and availability from resumed units.
- Base Oil Price Forecast anticipates modest oscillations driven by seasonal restocking and feedstock price dynamics.
- Base Oil Production Cost Trend eased as crude weakened, reducing refinery feedstock related cost pressures.
- Base Oil Demand Outlook subdued with automotive seasonality, longer drain intervals, and cautious industrial purchasing.
- Price Index readings showed inventory accumulation while export weakness amplified downward pressure on domestic offers.
- Operational turnarounds briefly tightened certain grades, yet resumed units and normal loadings restored market equilibrium.
Why did the price of Base Oil change in December 2025 in North America?
- Ample supply from resumed plants and operating rates increased availability, outweighing softer seasonal demand pressures.
- Declining crude reduced feedstock costs, transmitting downward pricing bias despite inventory builds for weather risk.
- Weak export demand, year-end destocking and trade uncertainty dampened market interest and pressured December pricing.
Base Oil Prices in APAC
- In Indonesia, the Base Oil Price Index fell by 5% quarter-over-quarter, reflecting oversupply and weak demand.
- The average Base Oil price for the quarter was approximately USD 856.67/MT, per CFR assessments.
- Base Oil Spot Price remained pressured as Asian cargo inflows outpaced muted domestic buying interest.
- Base Oil Price Forecast shows modest seasonal support but overall weakness persists amid ample inventories.
- Base Oil Production Cost Trend eased as lower crude and VGO costs reduced manufacturing pressure.
- Base Oil Demand Outlook remains subdued with seasonal slowdown and weaker automotive, industrial lubricant consumption.
- Base Oil Price Index volatility rose amid logistics swings and restocking for Lunar New Year.
- Exports from Singapore and South Korea swelled inventories, pressuring Indonesian CFR offers and capping upside.
Why did the price of Base Oil change in December 2025 in APAC?
- Ample regional cargo arrivals overwhelmed Indonesian offtake, creating oversupply and significantly depressing near-term import offers.
- Lower crude and VGO costs reduced production pressure while rising intra-Asia freight offset price declines.
- Buyers delayed purchases holding inventories cautious ahead of holidays, weakening spot demand and bearish sentiment.
Base Oil Prices in Europe
- In Germany, the Base Oil Price Index fell by 5.45% quarter-over-quarter, due to import surplus.
- The average Base Oil price for the quarter was approximately USD 977.33/MT, per shipment totals.
- Base Oil Spot Price weakened as imports pressured markets and Price Index signalled downward momentum.
- Base Oil Price Forecast sees constrained upside while Production Cost Trend eased with softer crude.
- Base Oil Demand Outlook remains muted, blenders defer purchases, while Price Index reflects oversupply pressure.
- Inventories grew as exporters increased shipments, pressuring offers while freight and port disruption raised costs.
- Export demand softened; European buyers were conservative, Base Oil Price Index continued reflecting downward revisions.
- Major producers ran near capacity despite turnarounds, supporting supply while constraining Base Oil price recovery.
Why did the price of Base Oil change in December 2025 in Europe?
- Ample imports from U.S. and Middle East increased supply, pressuring December prices amid weak consumption.
- Lower crude futures trimmed production costs, but higher freight, port congestion reduced downward price relief.
- Downstream subdued lubricant demand, cautious blenders limited restocking, sustaining excess inventories and further downward pressure.
Base Oil Prices in MEA
- In Saudi Arabia, the Base Oil Price Index fell by 3.68% quarter-over-quarter from weak demand.
- The average Base Oil price for the quarter was approximately USD 1633.67/MT, from FOB Dammam.
- Base Oil Spot Price softened as ample FOB supply and imports kept offers subdued regionally.
- Base Oil Price Forecast indicates modest January gains as seasonal restocking combats persistent oversupply pressure.
- Base Oil Production Cost Trend eased; lower crude feedstock reduced manufacturing costs and eased pressure.
- Base Oil Demand Outlook remains weak as year-end destocking and subdued lubricant offtake limit buying.
- Base Oil Price Index showed volatility despite higher freight and rerouting, supported by ample inventory.
- Luberef Yanbu turnaround tightened near-term availability, yet Jeddah loadings and exports maintained regional supply balances.
Why did the price of Base Oil change in December 2025 in MEA?
- Ample regional supply from refinery runs maintained availability, therefore driving December Base Oil prices lower.
- Lower crude feedstock costs reduced manufacturing expenses, enabling sellers to offer more competitive FOB Dammam.
- Red Sea concerns raised freight and rerouting costs, but ample inventories limited upward price pressure.
For the Quarter Ending September 2025
North America
- In USA, the Base Oil Price Index rose by 2.25% quarter-over-quarter, reflecting stable refinery runs.
- The average Base Oil price for the quarter was approximately USD 1755.00/MT, in Gulf assessments.
- Base Oil Spot Price remained range-bound amid steady Gulf Coast runs and muted export buying.
- Base Oil Price Forecast shows modest gains later as restocking expectations offset soft lubricant demand.
- Base Oil Production Cost Trend eased as crude futures softened, offset by higher trucking insurance.
- Base Oil Demand Outlook remains subdued with lower lubricant orders and muted automotive parts activity.
- Base Oil Price Index stability supported by ample inventories despite constrained spot availability, cautious exports.
- Major Gulf Coast producers ran full rates with no unplanned outages, tempering upward price pressure.
Why did the price of Base Oil change in September 2025 in North America?
- Balanced domestic production and resumed refinery runs reduced supply concerns, keeping prices steady in September.
- Seasonal demand slowdown after Labor Day weakened lubricant orders, suppressing spot buying and pricing momentum.
- Crude oil softness trimmed production costs, while weather risks and logistics delays supported limited upside.
APAC
- In Indonesia, the Base Oil Price Index rose by 2.66% quarter-over-quarter, on firmer export demand.
- The average Base Oil price for the quarter was approximately USD 901.67/MT, per Tanjung Priok.
- Regional assessments showed Base Oil Spot Price narrowing amid cheaper Chinese exports and easing freight pressure.
- Base Oil Price Forecast projects modest range-bound moves as Base Oil Production Cost Trend eased slightly regionally.
- Base Oil Demand Outlook remains subdued due to monsoon season and weaker automotive sales continuing.
- Balanced inventories and export enquiry kept the Base Oil Price Index stable amid refinery disruptions.
- Lower feedstock crude and turnarounds reduced costs, while some Chinese units ran reduced rates selectively.
- Export enquiry remained muted but intermittent orders from Southeast Asia provided occasional prompt cargo support.
Why did the price of Base Oil change in September 2025 in APAC?
- Oversupply from resumed Chinese exports and ample regional inventories pressured domestic demand and spot offtake.
- Declining crude futures reduced production costs, while port congestion and freight variability influenced import parity.
- Seasonal monsoon slowdown and weak automotive consumption caused destocking and reduced buying, keeping bearish sentiment.
Europe
- In Germany, the Base Oil Price Index rose by 2.9% quarter-over-quarter, reflecting firmer transatlantic flows.
- The average Base Oil price for the quarter was approximately USD 958.67/MT, indicating stable equilibrium.
- Base Oil Spot Price softened as abundant imports and lower crude futures eased short-term pressure.
- Base Oil Production Cost Trend eased as crude futures retreated, lowering manufacturing margins and costs.
- Base Oil Demand Outlook remains weak as summer holidays curb automotive and lubricant purchases regionally.
- Base Oil Price Forecast expects range-bound movement as inventories remain comfortable and demand recovers gradually.
- Higher freight and occasional US plant turnarounds tightened supply, supporting the Base Oil Price Index.
- Regional inventories remained adequate, capping volatility while export arbitrage and Rhine logistics influenced cargo movements.
Why did the price of Base Oil change in September 2025 in Europe?
- Summer holiday lull sharply reduced lubricant and automotive purchases, leaving demand insufficient to absorb supply.
- Easing crude futures lowered feedstock costs, transmitting downward pressure through spot Base Oil valuations regionally.
- Logistics disruptions and higher freight encouraged precautionary inventory building, offsetting bearish pricing momentum during September.
MEA
- In Saudi Arabia, the Base Oil Price Index rose by 1.45% quarter-over-quarter, reflecting tightened supply.
- The average Base Oil price for the quarter was approximately USD 652.33/MT as reported by FOB assessments.
- Base Oil Spot Price remained pressured by competitive cargoes and ample inventories across Yanbu, Jeddah.
- Base Oil Price Forecast suggests modest range-bound movements as seasonal demand offsets occasional supply disruptions.
- Base Oil Production Cost Trend improved with lower feedstock crude prices, easing operating cost pressures.
- Base Oil Demand Outlook remains subdued amid summer lull, automotive and lubricant offtake constraining purchases.
- Inventory builds and increased freight costs pressured sellers despite routine maintenance refinery run-rates in region.
- Export demand softened with competitive offers from multiple origins, while Luberef and refiners maintained loading.
Why did the price of Base Oil change in September 2025 in MEA?
- Ample cargo availability from Yanbu and Jeddah increased competition, pressuring FOB levels and regional prices.
- Soft downstream demand amid summer lull and subdued automotive sales reduced spot purchasing and volumes.
- Lower feedstock crude prices eased production cost pressures, offsetting higher freight and rerouting logistics expenses.
