A Singapore-based base oil producer is raising its ex-tank Singapore prices for all its grades. The price increase is the fourth since early December.
The producer is raising by $20/t its price for Group I SN 150 and by $50/t its price for SN 500 and bright stock. It is raising by $30/t its price for Group II N150 and by $50/t its price for N500. The new prices are effective from 8 February.
The producer's bright stock premium to SN 150 will rise to $380/t following the price adjustments, the widest since July 2016. The producer's SN 500 premium to SN 150 will rise to $255/t, the widest level on record.
Its Group II N150 premium to Group I SN 150 will rise to $105/t. Its Group II N500 will remain at a $35/t discount to Group I SN 500. The producer's Group II N500 premium to N150 will rise to $125/t, the widest since December 2017.
Base oil prices in the region have risen unusually fast with demand far outpacing tight supply.
