Europe Group III base oils hit 5 year highs "OEMs are driving healthy demand. People are still driving instead of other activities. Explains how extraordinary December was compared to an average December. Also January too, it's very healthy. Almost like the average month of the peak season!" said a producer.
"We have had significant number of enquiries this week from new companies and some existing ones looking to increase purchases", said a trader.
Tightness is expected to continue, with many suppliers either restricted or sold out for January.
"The market is short, Neste not offering anything, neither are S-Oil. A lot of companies seem to be in same position as us, bit starved of product", the source added.
"I noticed there's a shortage for most grades. It's a challenge to get product", said a distributor.
https://www.icis.com/explore/resources/news/2021/01/13/10595280/europe-group-iii-base-oils-spot-prices-hit-5-year-highs-shortages-persist