Base Oil Price in the USA
- United States: $1576 MT
During December 2023, the Base Oil Price hit $1576 per metric ton for the fourth quarter in the United States. The industry experienced a significant 2.1% decline as December began, with buyers seeking to reduce year-end inventories to mitigate tax consequences.
The latest report by IMARC Group, titled "Base Oil Pricing Report 2024: Price Trend, Chart, Industry Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of the Base Oil Price Trend. This report delves into the Price of Base Oil globally, presenting a detailed analysis and an informative Price Chart. The report sheds light on the key factors influencing these trends through comprehensive Price analysis. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the Base Oil Prices, analyzing how they impact Industry dynamics. To aid in strategic planning, the price forecast section provides insights into price forecasts, making this report an invaluable resource for industry stakeholders.
Base Oil Prices December 2023:
- United States: $1576 MT
- China: $800 MT
- Saudi Arabia: $1405 MT
Report Offering:
- Monthly Updates: Annual Subscription
- Quarterly Updates: Annual Subscription
- Biannually Updates: Annual Subscription
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 industry, equipping stakeholders with the latest information on Industry 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
Q4 2023 - Base Oil Price Trend
The base oil Industry is mainly driven by the escalating demand from the automotive and industrial sectors. The automotive industry's growth significantly influences the usage of lubricants, which rely heavily on base oils. Additionally, the rise in industrial activities necessitates a higher demand for machinery maintenance, further propelling the need for high-quality lubricants. Moreover, the growing emphasis on energy efficiency and sustainability is encouraging the adoption of synthetic and bio-based base oils. The global trend towards urbanization and infrastructure development plays a crucial role in driving the base oil Industry, as these factors lead to increased consumption of lubricants across various industries. Furthermore, the ongoing recovery of the global economy post-pandemic is expected to bolster Industry growth, with key players investing in capacity expansions and technological innovations to meet the rising demand.
Base Oil Industry Analysis
The global base oil Industry size reached 33.2 million Tons in 2023. By 2032, IMARC Group expects the industry to reach 39.9 million Tons, at a projected CAGR of 2.00% during 2023-2032. The base oil Industry in North America during Q4 2023 experienced notable fluctuations driven by a complex interplay of supply and demand dynamics, particularly affecting Group I and II grades. October saw a surge in prices because of a tight supply-demand balance, exacerbated by reduced output from refineries on account of maintenance and unplanned production issues. This scarcity prompted independent lubricant manufacturers to raise their prices, reflecting the heightened cost of base oil. However, by December, prices experienced a notable decline, following Chevron and Motiva’s announcement of price decrement. The decrease in demand towards the year-end also played a role as companies sought to minimize inventories for tax reasons. Overall, the Industry exhibited a volatile trend from bullish to bearish sentiments by the end of December 2023.
In Europe, the base oil Industry in Q4 2023 showed a bullish trend despite seasonal slowdowns and high borrowing costs. October began with ample supply but saw prices spike due to ExxonMobil's price hikes, setting record highs for Group I base oils in several key industries like Germany, Netherlands, and Belgium. There was a partial increase in prices due to reduced production in other regions and global Industry dynamics, maintaining high inventory levels. The European Industry also faced sporadic shortages of API Group I grades, prompting blenders to turn to lighter Group II base oils. Despite these challenges, increased exports from other regions helped supplement supply, which contributed to the overall price hike compared to the previous quarter.
In the APAC region, the base oil Industry in Q4 2023 has been shaped by a combination of factors leading to a varied Industry landscape. October and November witnessed a bullish trend driven primarily by moderate demand and uncertainties surrounding the downstream lubricant Industry. This period saw increased activity in Group I SN base oils in China, with prices rising by 2.6% while Group II remained stable. However, December marked a significant downturn as demand decreased, particularly affecting Group II base oils, which experienced sluggish consumption levels. This mixed performance reflected the delicate balance of Industry forces impacting base oil dynamics in the region.
In the Middle East, Q4 2023 witnessed a more moderate Industry situation influenced by a fluctuating supply scenario. October saw a surplus of base oil cargoes from Saudi Arabia, which stabilized prices in the UAE despite concerns over rising wars that can impact shipping costs. November, however, saw prices rise as international prices surged, particularly for Group I base oils exported from Yanbu and Jeddah. By December, the Industry saw a reversal growth with traders clearing inventories ahead of the new year, leading to a downtrend in prices for Group III base oils by the end of December.
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 Industry 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
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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IMARC is a leading Industry research company that offers management strategy and Industry research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major Industry, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Industry forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive Industry intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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