Base oils and waxes
Overview
As the world pivots towards decarbonisation, challenges and opportunities loom for base oils production and demand. Staying on top of this market is more important than ever to realise these opportunities and mitigate pricing risk.
Base oils market participants trust Argus to help them stay up to date on the latest developments and implications for their markets. Whether referring to our spot price assessments or attending our conferences, our insights keep you ahead of the curve.
Our base oils and waxes market intelligence includes weekly global price and market reports, price forecasts and outlooks, as well as conferences and networking events.
Latest base oils and waxes news
Browse the latest market moving news on the global base oils and waxes market.
TotalEnergies expands Stellantis engine oil partnership
TotalEnergies expands Stellantis engine oil partnership
London, 28 May (Argus) — TotalEnergies is renewing and expanding a partnership with automaker Stellantis and the two are launching a co-branded range of engine oils, the company said today. The partnership will expand to include all 10 Stellantis car brands: Fiat, Jeep, Lancia, Alfa Romeo, Abarth, Citroen, DS Automobiles, Opel, Vauxhall and Peugeot. A co-branded range of engine oils will feature two product lines — TotalEnergies Quartz MOPAR and TotalEnergies Quartz EV3R MOPAR SUSTAINera — both approved for Stellantis' latest specifications. Original equipment manufacturers (OEM) like Stellantis dictate the approvals that need to be met by lubricant manufacturers for their engine oils to be used, to ensure optimal performance. TotalEnergies and Stellantis launched an engine oil derived completely from re-refined base oils in 2024. Re-refined base oils are increasingly in demand given supply disruptions associated with the US-Iran war. Saudi base oils re-refined Yunigreen set up 4,000t of storage capacity in Ghent, Belgium, and Gouda in the Netherlands in April to target European buyers. By Gabriella Twining Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil's April base oil imports hit 2-year high
Brazil's April base oil imports hit 2-year high
Sao Paulo, 27 May (Argus) — Base oil imports into Brazil reached their highest level since 2024 in April, as buyers sought to secure as much volume as possible amid limited domestic supply and the low prices prior to the Iran war. More than 80,000 metric tonnes (t) of base oil entered Brazil in April, according to trading database Comex Stat. This figure is 25pc higher than a year earlier and 35pc higher than March imports. Most base oil imports arriving in Brazil are negotiated one to two months in advance, so most of the volumes received in April were bought at February and March prices. Market participants said most buyers were already seeking additional volumes in February because of problems at a key local refinery, which has struggled to deliver its base oil products, especially heavy grades and Bright Stock. Hydrocarbons regulator ANP said production in the first quarter of 2026 fell by almost 20pc compared with the same period a year earlier. At the beginning of March, after the US-Israel war with Iran broke out and affected base oil prices globally, participants also started to buy additional volumes in anticipation of disruptions. More than 75pc of all imports came from the US, while Argentina was the second-largest exporter to Brazil and Malaysia was the third-largest By Julio Viana Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Asian Group II prices slip on growing supplies
Asian Group II prices slip on growing supplies
Singapore, 26 May (Argus) — Asian Group II spot prices slipped for the first time since the US-Iran war began in late February as regional supply availability rose and southeast Asian demand waned. The Argus -assessed Asian Group II N150 and N500 fob export prices edged down by $10/t to $1,800/t in the week ending 22 May. Regional base oil production rose from May given that Asian refineries secured alternative crude supplies. Lower feedstock values boosted refining margins for base oils and incentivised refiners to raise operating rates. Easing transportation fuel demand has further boosted the attractiveness of such a move. A key South Korean base oil producer also resumed spot offers after completing a scheduled maintenance in early May. Higher prices in Asia, combined with persistently sluggish demand in China and India, have also opened the arbitrage for sellers in those markets to export domestically produced volumes, or imported supplies that were previously purchased at lower prices. These cargoes are typically offered at a significant discount to spot volumes from South Korea, and mostly in smaller quantities for the southeast Asian market especially. Regional demand is also shrinking as prices are deemed too high, particularly as spot availability rises with competitively priced arbitrage cargoes. But the price weakness is tempered as a Group II refiner in southeast Asia continues to cut its term volumes. Other Group II producers are prioritising contractual obligations or diverting surplus bulk volumes to markets like Europe and the US as buying interest in southeast Asia eases. By Tara Tang Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Group II base oil premiums to VGO reach record high
Group II base oil premiums to VGO reach record high
Houston, 4 May (Argus) — US Group II base oil premiums to feedstock costs reached a record high for the week ended 1 May because base oil prices rose faster than low-sulphur vacuum gasoil (VGO) prices. The Argus US domestic Group II N100 to four-week average low-sulphur VGO premium rose to $2.48/USG, up from $2.14/USG the previous week and notching a record high in Argus data. Margins also remained above year-earlier levels of $1.41/USG. Four-week average low-sulphur VGO prices rose on higher crude price levels and less supply availability. Fluid catalytic cracker (FCC) margins, a representation of gasoline and diesel demand, were thinner than March levels, but remained up year-over-year. Despite this, refiners are likely to prioritize base oil output over other competing fuels because of higher base oil premiums. The four-week average low-sulphur VGO to four-week average WTI crude spread widened to $25.18/bl, up from $22.30/bl last week. The Argus US domestic Group II N100 to four-week average US Gulf coast diesel premium increased to $1.57/USG from $1.11/USG the week before. This put the base oil premium to diesel at its highest since August 2022. Margins also rose above year-earlier levels of $1.14/USG. Group II base oil prices climbed for the ninth consecutive week because demand is elevated and spot offers have been minimized by the ongoing US-Israel war on Iran. Several refiners continue to hold customers on allocation or limit volumes to contract minimums. Some blenders are aiming to build up inventories ahead of possible Group II shortages and for the US Atlantic hurricane season. Others are wary of how long war impacts will last and do not want to get caught with higher-priced inventory if demand thins. By Karly Lamm Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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