Blenders Cut Finished Lube Prices
Several major oil companies notified customers of finished
lubricant price drops in recent weeks, although industry sources indicate a
wide chasm remains between the majors and independents on pricing, increasing
the independents’ appeal in a tough economy.
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Chevron Eyes Europe's E9
Chevron’s planned 25,000 barrel per day API Group II base oil plant in Pascagoula, Miss., won’t open its doors before late 2011, but its marketing team is already touting a proposed API Group II+ base stock aimed at Europe’s new, high performance ACEA E9 engine oil specification.
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Finnish Rerefinery Nearly Ready
EcoStream, a partner in the Finnish joint venture L&T Recoil Oy, said last week that it is nearing completion of a 60,000-metric-ton base oil rerefinery in Hamina, Finland, and plans to open the facility in May -- the first of five planned rerefineries in Europe.
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Falling Crude Helps Calumet’s 4th Quarter
Calumet Specialty Products Partners L.P. on Feb. 18 reported
net income of $18.5 million for the quarter ended Dec. 31, 2008, 137 percent
higher than $7.8 million net income in 2007’s fourth quarter. For the full
year, Calumet’s net income reached $44.4 million, down 46.4 percent from $82.9
million for 2007.
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Briefly Noted
Middlebury, Conn.-based Chemtura has six months to bring its average share price back above $1 or be delisted from the N.Y. Stock Exchange... Safety-Kleen has acquired Fort Lauderdale, Fla.-based Atlantic Industrial Services, a collector and recycler of used oil, oil filters and antifreeze... Lubrizol appointed to its board of directors Michael Graff, president and CEO of Air Liquide USA.
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U.S. Base Oil Price Report
Stalled market conditions in the U.S. base oils market continued to weigh heavily on players’ minds this week. Buyers and sellers alike were maintaining a quiet stance while attempting to deal with the poor economic outlook.
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Europe-MidEast-Africa Base Oil Price Report
One-way traffic has hit the market this week. Many buyers have been inundating sellers with offers and bids, some at exceptionally low levels, for all types of material, particularly API Group I grades. Perhaps these approaches are being made in the belief that the market has reached its nadir, and that it is now time to buy.
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SSY Base Oil Shipping Report
It has been another week of growth in the chemical/parcels markets with more ships fixed ahead, causing the pool of prompt positions to shrink just a little bit more. For the most part, the reactivation is taking place on the deep-sea markets, implying pricing imbalances and thereby the creation of arbitrage opportunities between regions.
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