Lube Prices on the March
Most major oil companies have notified U.S. customers of finished lubricant price hikes in recent weeks that will kick in from late June to early July, but some observers claim the relatively small increases are squeezing independents.
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Isla Shutdown Hits Nynas' Supply
The Caribbean’s only base oil plant, 8,700 barrel-per-day Refineria Isla, is shut down, forcing Nynas, which markets its naphthenic production, to institute sales controls.
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Chemtura to Exit Bankruptcy
Chemtura last week said it plans to file a Chapter 11 reorganization plan in mid-June, a key step in exiting bankruptcy, and has opened a technical center in Nanjing, China.
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Aging Fleet Boosts Fast Lubes
Older vehicles should mean opportunities for quick lubes and other aftermarket shops, according to an R. L. Polk and Co. analysis. The firm’s research also found growth in 5W-20 as a recommended motor oil viscosity in newer vehicles.
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Cognis Posts Strong 1Q
Cognis’ Functional Products business unit posted sales of €229 million (U.S $283.4 million) in 2010’s first quarter, up 14.1 percent from €201 million in the year-earlier period.
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Briefly Noted
Pride Solvents & Chemical will distribute South Pittsburg, Tenn.-based Colonial Chemical’s surfactants in the Northeast… International Specialty Products, Wayne, N.J., will increase global prices for polymers, emulsifiers and preservatives by 5 to 7 percent, and biocides by 8 to 10 percent, effective July 1 or as contracts allow… Fishunt Essentials will represent dry lubricants from Sentry Solutions of Wilton, N.H., to retailers in the Southeast and Midwest… Xinjiang Oil found a new 360 million ton naphthenic crude reserve in China’s Karamay region, with more exploration under way, People’s Daily reported.
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U.S. Base Oil Price Report
During the past week SK issued a fresh price announcement, adding 15 cents per gallon to its API Group III and III+ grades. Whether other producers follow suit remains to be seen, but some players anticipate a full round of posting increases, given the current extreme market conditions.
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Europe-MidEast-Africa Base Oil Price Report
It’s an exceptionally quiet week in the EMEA base oil market, due to an impasse between the prices sellers are offering for very limited quantities, and the numbers buyers consider acceptable for future supplies of base oil.
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SSY Base Oil Shipping Report
In a repeat run of the previous week, the markets in Europe and the U.S. Gulf have been very subdued, with the long-haul routes most seriously affected. Asian markets meanwhile continue to be fairly upbeat.
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