Home October 26, 2016

October 26, 2016

Volume 16 Issue 43

U.S. Base Oil Price Report

Despite the typical languor that tends to weigh down sentiment in the fourth quarter, some segments of the U.S. market were surprisingly active this week.API Group II producers commented that they had received several inquiries during the past few days, and at least a couple of suppliers were heard to be sold out of the heavy-viscosity grades.This situation may...

EMEA Base Oil Price Report

Buyers and sellers are unsure of future price direction as crude values remain static and the yearend goal of lower inventories comes into focus.Levels for dated deliveries of Brent crude basically stood still at $51.20 per barrel for December front month settlement while West Texas Intermediate crude narrowed the gap at $50.35/bbl. ICE LS Gas Oil remained around $465...

SSY Base Oil Shipping Report

With oversupply of ships and corresponding weak rates, the markets are not really performing as would be expected at the back end of October.U.S. GulfOn routes to the Far East, a battle of wills is developing between owners and charterers over the direction of rates. Owners have been attempting to lift rates by 10-15 percent from the very low...

HollyFrontier Bids for Petro-Canada Lubes?

HollyFrontier is in advanced talks to acquire Suncor Energys Petro-Canada lubricants division via auction for a little over $1 billion, Reuters reported on Oct. 21.Citing unnamed sources, the report said HollyFrontier submitted the highest bid and that the reason was to enable HollyFrontier to diversify its refining business while providing Suncor cash to help it pay down debt due...

Shifting Dynamics for Finished Lubes

SCOTTSDALE, Ariz.-Organic growth may not be in the cards for the lubes industry, but the market is far from stagnant, Annie Jarquin of Kline & Co. told the Independent Lubricant Manufacturers Associations members at their annual meeting here last week.It may be flat, but theres so much happening within it, Jarquin reminded the group. The key question for lubricant...

Bobokovs Regain Full Ownership of Prista

The majority owners of Bulgarian lube maker Prista Oil Group have repurchased a 30 percent stake held jointly by an institutional investor and a private equity firm.Brothers Atanas and Plamen Bobokov said the four-year involvement of the European Bank for Reconstruction and Development and ADM Capital helped stabilize the company and that is prepared to resume a growth track...

Pennzoil, Quaker State Outline Packaging Changes

Pennzoil and Quaker State will roll out new packaging for their one-quart and multi-quart motor oil bottles starting Nov. 1.According to an announcement, Pennzoil will switch to all-yellow bottles/jugs, while Quaker State will change to all-green bottles/jugs. Distribution will be stacked, with the rollout to the new packaging to retailers over the next few months and into 2017.The current...

Q3 Wrap-up: Heritage-Crystal Clean, WD-40

Sales for Heritage-Crystal Cleans oil business segment were flat for the quarter ending Sept. 10, and WD-40 posted increased net income for the quarter ending Aug. 31, the fourth quarter of its fiscal year, compared to a year earlier.Heritage-Crystal CleanElgin, Illinois-based Heritage-Crystal Cleans oil business segment, which includes used oil collection and rerefining activities, reported $30.6 million in revenues...

Briefly Noted

Chevron Base Oils renewed its contract for European distribution with Daresbury, U.K.-based base oil and additive distribution company Multisol Group. As part of the extension to 2019, the territories covered will include the Balkan countries of Croatia, Slovenia, Bosnia and Herzegovina, Serbia and Slovakia. Kadex Aero Supply - with locations in Peterborough, Ontario, and Calgary, Alberta - will distribute...
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