Base Oil Prices in USA

• United States: $1576 MT

In December 2023, the cost of base oil in the United States hit $1576 per metric ton for the fourth quarter. The American market experienced a significant decline of 2.1% as December began, with buyers seeking to reduce year-end stockpiles to steer clear of tax repercussions.

The latest report by IMARC, titled "Base Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of base oil prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Base Oil Prices December 2023:

• United States: $1576 MT
• China: $800 MT
• Saudi Arabia: $1405 MT

Report Offering:

• Monthly Updates: Annual Subscription
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The study delves into the factors affecting base oil price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.

The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.

Request For a Sample Copy of the Report:  https://www.imarcgroup.com/base-oil-pricing-report/requestsample

Base Oil Price Trend- Q4 2023

The global base oil market is experiencing dynamic growth, primarily driven by the increasing demand for high-quality lubricants in various sectors such as automotive, industrial, and manufacturing. The shift towards more stringent environmental regulations globally has compelled lubricant manufacturers to produce cleaner and more efficient products, which in turn boosts the demand for high-quality base oils, including Group II and Group III base oils. These oils offer better viscosity performance, reduced volatility, and greater oxidative stability than their Group I counterparts, aligning with the modern requirements for lower emissions and higher engine performance standards. Additionally, the rapid industrialization in emerging economies, particularly in Asia-Pacific regions such as China and India, has spurred the growth of industries that heavily rely on machinery necessitating the use of lubricants. This industrial growth correlates directly with increased consumption of base oils. Moreover, technological advancements in the extraction and refining processes of base oils have enhanced their quality and efficiency, making them more attractive for a broad spectrum of applications. The development of synthetic base oils, which provide superior performance in extreme conditions, is also contributing to the expansion of the market. Consequently, these factors collectively drive the base oil market towards sustained growth, catering to a progressively evolving demand landscape.

Base Oil Market Analysis

The global base oil market size reached 33.2 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 39.9 Million Tons, at a projected CAGR of 2.00% during 2023-2032. In the first quarter of 2024, the global base oil market was influenced by a multitude of factors that varied significantly across different regions, reflecting the complex interdependencies of supply chain dynamics, geopolitical influences, and regional demand fluctuations. In North America, the base oil market experienced a pronounced volatility due to initial decreases in demand attributed to seasonal downturns and a slowdown in industrial activities. This decline in demand led to an accumulation of inventories, pushing prices downward initially. However, the market dynamics shifted notably towards the latter half of the quarter. A series of unexpected production shutdowns led to supply constraints, subsequently driving prices upwards. These fluctuations were compounded by the volatile prices of crude oil and feedstocks, which are critical inputs in the production of base oils. This volatility in input costs, coupled with operational disruptions, created a challenging environment for price stability, resulting in a net increase by the end of the quarter despite the initial dip.

In contrast, the European market depicted a more subdued performance largely due to a consistent lack of demand across key sectors such as automotive and industrial lubricants. This stagnation in demand kept the market balanced but tilted towards oversupply, placing downward pressure on prices. Logistic issues exacerbated the situation, particularly the delays in base oil cargoes through critical transit points like the Suez Canal and the Red Sea, which disrupted traditional supply lines and forced buyers to pivot towards spot purchases over long-term contracts. The result was a significant price decrease in markets like Germany, despite some support from mildly positive crude oil prices. Additionally, the APAC and MEA regions demonstrated the global nature of base oil market challenges, with factors ranging from maintenance shutdowns in China to geopolitical tensions and transportation disruptions in the MEA impacting supply and demand. These regions showed that even localized issues could have broad implications, influencing pricing and market stability across the global base oil landscape, underlining the complex, interconnected nature of the market where regional events can ripple through to impact global supply and pricing trend significantly.

Browse Full Report: https://www.imarcgroup.com/base-oil-pricing-report

Key Points Covered in the Base Oil Pricing Report:

The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:

• Base Oil Prices
• Base Oil Price Trend
• Base Oil Demand & Supply
• Base Oil Market Analysis
• Demand Supply Analysis by Type
• Demand Supply Analysis by Application
• Demand Supply Analysis of Raw Materials
• Base Oil Price Analysis
• Base Oil Industry Drivers, Restraints, and Opportunities
• Base Oil News and Recent developments
• Global Event Analysis
• List of Key Players

Regional Price Analysis:

• Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
• Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
• North America: United States and Canada
• Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
• Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco

Browse More Pricing Reports By IMARC Group:

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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.

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