Home September 28, 2016

September 28, 2016

Volume 16 Issue 39

U.S. Base Oil Price Report

The U.S. market continues to enjoy fairly stable conditions, with pricing for some base oil grades receiving extra support from an upcoming plant outage.Additional details emerged about Chevron's imminent turnaround at its Richmond, Calif., refinery, which is expected to start in early October.According to sources, the extended turnaround is anticipated to last close to two months, during which the...

EMEA Base Oil Price Report

API Group I base oil prices in Europe, the Middle East and Africa continue to slowly weaken, chipped away as buyers throw gradually increasing counter offers at sellers who resist as long as possible before giving in with markdowns of a few dollars here and there.Group II prices are staying steady throughout these regions, particularly in Northwest Europe where...

SSY Base Oil Shipping Report

Talk of a recovery turned out to be premature as all routes globally turned to ice this week. Such is the state of global trading these days that even minor shifts in feedstock pricing create substantial ripples further down the line that can bring the shipping market to an abrupt stop.U.S. GulfAmong Far East routes, styrene was tried into...

Lanxess Absorbs Chemtura for $2.5B

Lanxess AG plans to form a new performance additives segment and become a bigger player in industrial lubricant additives after the closing of its $2.5 billion all-cash acquisition of Chemtura that was announced Monday.The deal is expected to close in mid-2017, subject to conditions and approvals. Under the agreements terms, Chemtura shareholders will receive $33.50 per share in cash...

U.S. Base Oil Output Dips

U.S. base oil producers eased back in the first six months of 2016. The countrys refiners manufactured 29.1 million barrels from January to June, according to government data released Aug. 31, which represents a decline of 8 percent compared to the same period in 2015, when output hit 31.8 million barrels.The 29.1 million barrels generated in this years first...

Nigeria to Prosecute Unlicensed Blenders

The Nigerian Department of Petroleum Resources recently raided three unlicensed blenders in the north central state of Kwara for producing substandard products.The raid, in which 50 persons were arrested, resulted in the closure of three oil blending factories, including Segma Oil Ltd., Manner Business Ventures and Wobles Ventures in Kwara state.Adunola Kasali, a deputy manager in the downstream division...

Lukoil Posted Strong January-June Results

Russian lube maker Lukoil said its finished lubricant and grease sales rose 15 percent in this years January-June period, primarily driven by the growth of its high-margin sales and increased number of international approvals in its product portfolio.In the first half of 2016 our total finished lubricant and grease sales grew to 435,000 tons, up 15 percent from the...

Briefly Noted

Brenntag - which acquired mega-distributors J.A.M. Distributing in Texas and G.H. Berlin-Windward in New Hampshire in late 2015 - agreed to acquire lubricants and fuels distributor Mayes County Petroleum Products Inc. in Pryor, Oklahoma. American Refining Group broke ground this month on a $3 million, 6,400-square-foot quality control lab that will replace the main quality control lab at its...
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