News of the last week of October:
• Group I prices mixed, Iranian export discussions weaken
• Group II and Group III prices reflect rangebound
• discussions Crude oil jumps amid escalating Middle East conflict
Group I prices were mixed this week, with import prices showing some softness while locally available material in the UAE market showed the impact of some supply reductions.
Group II and Group III price assessments were stable due to largely limited rangebound offers and discussions during the week. Feedstock crude oil prices jumped this week amid the escalating Middle East conflict.
OUTLOOK
• Group I supply to UAE may improve if Iran producers increase export volume availability
• Eyes on year-end demand for Asian Group II base oils
Escalating Middle East conflict to be key focus of geopolitics in the near-term
Source: Argus
