For the Quarter Ending March 2026
White Oil Prices in North America
- In the USA, the White Oil Price Index rose in Q1, reflecting modest cost support.
- White Oil Spot Price tightened as import premiums and logistics delays pressured landed cost parity.
- White Oil Price Forecast suggests modest near-term gains as crude volatility and freight premiums persist.
- White Oil Production Cost Trend rose with crude and insurance increases, raising domestic replacement costs.
- White Oil Demand Outlook remains firm as personal care and pharmaceutical restocking supports routine procurement.
- Inventory positions were adequate, yet prompt availability tightened, supporting a firmer White Oil Price Index.
- Domestic refineries sustained steady runs, limiting outages while imports encountered war-risk surcharges and extended lead-times.
Why did the price of White Oil change in March 2026 in North America?
- Higher crude and feedstock costs increased refining expenses, elevating replacement values and pressuring domestic offers.
- Insurance and freight surged amid Strait of Hormuz conflict, inflating landed costs and delaying supply.
- Firm personal care and pharmaceutical restocking absorbed volumes, reducing spot availability and supporting higher offers.
White Oil Prices in APAC
- In China, the White Oil Price Index rose by 4.34% quarter-over-quarter, reflecting feedstock cost pressures and stronger demand.
- The average White Oil price for the quarter was approximately USD 897.67/MT, based on spot and contract flows.
- White Oil Spot Price strength in March driven by tightened prompt availability and elevated base oil costs.
- White Oil Production Cost Trend rose in March as crude spikes increased refining and hydrogenation expenses.
- White Oil Demand Outlook shows measured post-Lunar New Year replenishment buying, with downstream sectors remaining cautious.
- White Oil Price Forecast indicates near-term firmness as geopolitical risks sustain elevated feedstock costs regionally.
- Rising White Oil Price Index coincided with falling inventories at key hubs, prompting opportunistic seller repricing.
- Regional refinery adjustments altered White Oil Production Cost Trend, while converters limited forward buying amid uncertainty.
Why did the price of White Oil change in March 2026 in APAC?
- Strait of Hormuz disruption raised crude feedstock costs, increasing White Oil production and refining expenses.
- Post-Lunar New Year restarts supported demand recovery, while buyers remained selective, limiting sustained upward pressure.
- Freight surcharges and insurance premiums lifted landed import costs, tightening prompt supply and prompting buying.
White Oil Prices in Europe
- The White Oil Price Index in Europe showed a stable-to-firm trend during Q1 2026, supported by steady downstream consumption and relatively stable feedstock conditions.
- The White Oil Spot Price remained largely supported as demand from high-purity applications such as pharmaceuticals, cosmetics, food processing, plastics, and chemical processing stayed consistent across the region.
- Key downstream sectors including personal care (creams, lotions, baby oil), pharmaceutical formulations, food-grade lubricants, and polymer processing continued to provide stable baseline demand.
- The White Oil Price Forecast suggests a cautiously firm outlook, with potential support from improving consumer goods demand and stable industrial activity.
- The Resorcinol Production Cost Trend (as a reference cost indicator across specialty chemicals) remained relatively stable, reflecting balanced upstream crude derivatives and energy costs.
- The White Oil Demand Outlook remained firm, driven by resilient consumption in personal care and pharmaceutical sectors, which are less sensitive to economic volatility.
- The overall White Oil Price Index reflected balanced supply-demand dynamics, with no major supply disruptions but steady offtake from essential-use industries.
Why did the price of White Oil change in March 2026 in Europe?
- The price increased slightly due to stable and consistent demand from pharmaceutical and personal care industries.
- Firm consumption in essential sectors such as cosmetics and healthcare supported steady procurement activity.
- Stable feedstock costs and controlled refinery output maintained a balanced Resorcinol Production Cost Trend, preventing volatility.
- Limited supply-side pressure combined with steady downstream demand provided mild upward support to the market.
For the Quarter Ending December 2025
North America
- In USA, the White Oil Price Index fell by 3.18% quarter-over-quarter, reflecting balanced supply, muted buying.
- The average White Oil price for the quarter was approximately USD 1198.67/MT based on CFR totals.
- White Oil Spot Price remained range-bound as distributors held inventories and imports kept offers broadly competitive.
- Near-term White Oil Price Forecast signals modest volatility with flat-to-mild declines through early Q1 driven by demand patterns.
- Observed White Oil Production Cost Trend reflects lower crude inputs, limiting upward pressure on refinery-derived paraffinic feedstocks.
- White Oil Demand Outlook remains conservative as personal care formulators prefer need-based procurement ahead of seasonal product launches.
- The White Oil Price Index showed subdued movement, anchored by ample inventories and steady refinery operating rates.
- Export inquiries provided intermittent support, while downstream restocking remained limited, tempering any sustained contractual tightening.
Why did the price of White Oil change in December 2025 in North America?
- Ample domestic refinery output and rising commercial crude stocks ensured adequate feedstock, reducing upward price pressure.
- Cautious downstream procurement amid trade uncertainty limited restocking, keeping spot demand muted despite seasonal ordering.
- Logistics and freight costs remained manageable, allowing imports to compete effectively, supporting balanced supply dynamics.
APAC
- In China, the White Oil Price Index fell by 4.62% quarter-over-quarter, reflecting subdued demand and ample seaborne inflows.
- The average White Oil price for the quarter was approximately USD 860.33/MT, reflecting reported shipments and ample inventory.
- White Oil Spot Price remained range bound amid ample coastal stocks and steady domestic refinery utilization rates.
- White Oil Price Forecast anticipates modest recovery as pre-Lunar New Year restocking supports incremental demand and offers.
- White Oil Production Cost Trend was softened by lower crude-derived feedstock prices, easing upward pressure on spot offers.
- White Oil Demand Outlook remained muted with automotive pockets providing support while industrial blending tapered into winter.
- White Oil Price Index volatility was limited by balanced supply logistics and consistent seaborne imports keeping prompt availability ample.
- White Oil Spot Price movements reflected cautious converter procurement and neutral inventory adjustments across coastal terminals.
Why did the price of White Oil change in December 2025 in APAC?
- Seaborne inflows increased, keeping domestic availability ample and pressuring spot premiums downward amid limited incremental export demand.
- Crude oil eased, reducing feedstock costs and relieving production cost pressures for refiners and hydrofinishers.
- Demand softened seasonally with reduced industrial blending and cautious converter procurement ahead of year-end holidays.
Europe
- In Germany, the White Oil Price Index fell quarter-over-quarter, reflecting subdued demand from key downstream sectors and balanced supply.
- White Oil Spot Price showed limited momentum as personal care, pharmaceutical, and plastics formulators reduced spot procurement amid cautious year-end buying.
- White Oil Price Forecast indicates modest near-term stability with potential upside from seasonal restocking in personal care and pharmaceutical applications.
- White Oil Production Cost Trend remained stable due to steady base oil feedstock prices, supporting refinery margins.
- White Oil Demand Outlook is subdued as downstream sectors maintained conservative inventory strategies in light of macroeconomic headwinds and regulatory compliance pressures.
- White Oil Price Index movements were constrained by consistent supply, stable imports, and conservative buyer activity.
- Distributor and terminal stock accumulation pressured offers, while refiners-maintained output without operational disruptions.
Why did the price of White Oil change in December 2025 in Europe?
- Soft end-use demand from personal care, pharmaceutical, and plastics sectors reduced buying pressure, driving a modest decline in the White Oil Price Index.
- Stable feedstock prices limited upward cost pressures, allowing refiners to ease offers without margin stress.
- Year-end cautious procurement and ample inventory at distributors softened transactional urgency, suppressing spot price momentum.
For the Quarter Ending September 2025
North America
- In the USA, the White Oil Price Index fell by 8.18% quarter-over-quarter, reflecting bearish market conditions.
- The average White Oil price for the quarter was approximately USD 1238 per metric ton.
- White Oil Spot Price eased as downstream demand remained soft and inventory levels stayed elevated.
- White Oil Price Forecast remains cautious due to balanced supply and muted consumer demand conditions.
- White Oil Production Cost Trend is largely influenced by flat crude inputs and stable refining margins.
- White Oil Demand Outlook remains steady in cosmetics and pharma, with no pronounced seasonal upswings.
- Price Index for White Oil reflects a net quarterly softening amid post-June inventory clearance activities.
- Market liquidity and hurricane season risk provided upside caps on the Price Index despite some price tickups.
- Export and local cosmetic demand dynamics frame the Price Index, with stable imports supporting price stability.
Why did the price of White Oil change in September 2025 in North America?
- Seasonal moderation in cosmetics and pharma demand in North America reduced buying urgency, softening White Oil price Index.
- Logistics and freight costs improved modestly, easing landed costs and limiting downside price pressure during September.
- End-user inventory drawdown and competitive imports kept spot offers under pressure, affecting the Price Index.
APAC
- In China, the White Oil Price Index fell by 10.7% quarter-over-quarter, reflecting oversupply and weak demand in Q3 2025.
- The average White Oil price for the quarter was approximately USD 902/MT, reflecting mid-cycle softness.
- White Oil Spot Price trends showed volatility across the quarter, with notable declines during mid-Q3.
- White Oil Price Forecast remained cautious amid soft Demand Outlook and ample regional supply conditions.
- White Oil Production Cost Trend eased slightly as feedstock availability provided cost relief and margins persisted.
- White Oil Demand Outlook remained subdued due to lubricant sector softness, plastics processing and seasonal inventory reductions.
- White Oil Price Index movements mirrored domestic oversupply, robust stock coverage, and tepid export inquiries.
- Supply and logistics factors kept spot trading restrained, delaying meaningful restocking and limiting price recovery.
- Market participants maintained cautious stance, with buyers prioritizing hand-to-mouth intake over aggressive restocking activity throughout.
Why did the price of White Oil change in September 2025 in APAC?
- Supply remained ample with high refinery runs and inventories, easing price pressure amid steady downstream demand softness.
- Cost pressures softened as feedstock availability supported cheaper input costs, limiting upside despite crude fluctuations.
- Logistics and seasonal restocking dynamics constrained spot trading, delaying restocking and contributing to continued price volatility.
Europe
- In Europe, the White Oil Price Index rose quarter-over-quarter in Q3 2025, supported by seasonal demand from personal care and pharmaceutical sectors.
- White Oil Spot Price movements remained firm, with downstream restocking and steady pharma-grade demand supporting a mild upward trajectory.
- White Oil Price Forecast signals mild upside risk in Q4 2025, especially in food-grade and cosmetic-grade segments due to holiday season demand.
- White Oil Production Cost Trend remained stable, with Group II and III base oil feedstocks showing minimal volatility and refining margins holding steady.
- White Oil Demand Outlook remains constructive, with personal care, pharma, and food processing sectors maintaining consistent procurement levels.
- The White Oil Price Index reflects seasonal buying patterns and inventory normalization across European distributors.
- Inventory levels across France, Germany, and Benelux remained balanced, supporting disciplined pricing and preventing bulk-buying spikes.
- Regulatory compliance in pharma and food sectors continues to support demand for high-purity white oil grades, influencing pricing strategies.
Why did the price of White Oil change in September 2025 in Europe?
- Seasonal restocking by personal care and pharmaceutical manufacturers ahead of Q4 boosted demand, lifting the White Oil Price Index.
- Logistics normalization and improved refinery output supported timely deliveries, reducing supply-side constraints.
- Feedstock costs for base oils remained stable, but increased packaging and distribution costs contributed to a mild price uptick.
For the Quarter Ending June 2025
North America
- White oil prices in North America declined by 5.8% QoQ in Q2 2025, as tepid downstream demand and easing logistics costs exerted continuous downward pressure on the market.
- Domestic refinery throughput remained stable, but inventory build-up—driven by weak demand—restricted any upward price momentum despite occasional feedstock cost increases.
- Supply chains saw improvement, with reduced freight rates from Asia lowering landed costs of imports, while domestic availability stayed adequate amid smooth refinery operations.
- Downstream demand from personal care and cosmetics industries stayed moderate, with manufacturers maintaining conservative purchasing strategies due to macroeconomic uncertainties and sluggish retail sales.
- Although occasional demand upticks occurred during seasonal peaks, they were insufficient to offset the persistent oversupply and soft consumption trends, keeping the market in a narrow, declining price range throughout the quarter.
Why did the White Oil Price Index change in July 2025 in North America?
- White oil prices in North America witnessed a marginal decline in early July, driven by soft buying interest from the cosmetics sector, where end-users refrained from aggressive procurement due to ample existing inventories.
- Although crude oil feedstock prices moved higher, falling international freight rates made imported white oil more competitive, preventing any meaningful cost-push impact on final prices.
- Domestic refinery run rates saw minor adjustments, but the steady import availability ensured supply remained sufficient, limiting upward price adjustments.
- The combination of cautious demand, stable supply, and competitive import flows resulted in a modest price dip, with the market expected to remain under mild downward pressure unless downstream consumption rebounds.
Europe
- White oil prices in Europe declined QoQ in Q2 2025, as stagnant downstream demand and competitive imports from Asia exerted sustained downward pressure on domestic market valuations.
- European refiners maintained measured production rates, aligning output with tepid consumption trends across cosmetics and pharmaceutical sectors to avoid inventory oversupply, despite stable upstream crude input availability.
- Demand from personal care and pharmaceutical sectors remained subdued, as macroeconomic uncertainty and reduced consumer spending discouraged restocking, with buyers maintaining lean inventory levels.
- The lubricant industry, a secondary consumer of white oil in industrial and specialty formulations, continued to show weak procurement patterns during Q2. Demand from metalworking fluids, textile lubricants, and pharmaceutical-grade lubricant applications remained subdued, reflecting broader industrial slowdown and cautious inventory strategies by manufacturers facing soft order volumes.
- Overall, the European white oil market faced a bearish pricing environment throughout Q2, as supply-side discipline was insufficient to counterbalance persistently weak demand fundamentals and intensified price competition from imports.
Why did the White Oil Price Index change in July 2025 in Europe?
- White oil prices in Europe softened further in July, pressured by lacklustre downstream demand from the cosmetics and pharmaceutical sectors, which continued to operate on minimal procurement strategies amid stagnant consumer sentiment.
- Despite stable domestic production, increased availability of competitively priced imports from Asian suppliers intensified price competition, forcing local producers to revise offers downward to maintain offtake volumes.
- Weak economic indicators and cautious purchasing behaviour among key end-user industries further limited transaction volumes, while high inventories from earlier stockpiling restricted new buying activity.
- With no notable supply disruptions or demand surges, market participants faced a structurally oversupplied scenario, leading to continued softness in white oil prices through July.
APAC
- White oil prices in APAC edged up by 0.6% QoQ in Q2 2025, as supply-side discipline and seasonal restocking in May offset weak demand fundamentals, resulting in a narrowly firm pricing environment.
- Domestic refineries across China operated at steady throughput levels, with manufacturers managing inventory cautiously amid volatile feedstock costs and persistent macroeconomic headwinds.
- Supply chains remained stable, with no major disruptions reported, while competitive import volumes from regional producers ensured sufficient market availability despite intermittent logistical inefficiencies.
- Downstream demand from lubricant and cosmetic sectors was inconsistent, with procurement driven by cautious, need-based strategies; seasonal restocking in May provided transient support but lacked sustainability.
- Overall, the APAC white oil market navigated Q2 with minimal volatility, as balanced supply conditions and sporadic demand upticks allowed prices to hold within a narrow range, though persistent demand-side fragility capped any robust bullish momentum.
Why did the White Oil Price Index change in July 2025 in APAC?
- White oil prices in APAC declined modestly in July, primarily driven by soft demand from the lubricant blending sector, where downstream consumption remained weak despite upstream crude cost pressures.
- Local refiners maintained stable output, and ample inventories—built during previous restocking phases—ensured the market stayed well-supplied, limiting any cost-led price transmission.
- The automotive and industrial maintenance segments, key consumers of lubricants, exhibited subdued activity, curbing white oil offtake, and prompting a wait-and-watch procurement approach.
- In the absence of significant supply constraints or seasonal demand drivers, the market faced mild downward pressure, as suppliers adjusted offers to stimulate slow-moving volumes amid cautious trading sentiment.
