Chemical Market Research Report

In Q4 2023, the North American   Base Oil prices   experienced significant fluctuations driven by multiple factors. Initially, the market saw a surge in Base Oil prices during October due to a tight supply and demand balance of Group I and II grades. Subsequently, the impact of price increases in the preceding month reverberated into November, prompting several independent lubricant manufacturers to raise their product prices. Within the Group I segment, a tight spot flow situation emerged due to decreased Base Oil output at certain refineries amidst ongoing turnarounds and unforeseen production issues. However, the US Base Oil market witnessed a notable 2.1% drop as December commenced, following announcements of price reductions by Chevron and Motiva. Concurrently, demand for Base Oil in the downstream lubricant industry dwindled in December as buyers sought to minimize year-end inventories to mitigate tax implications. The Q4 2023 trend for the US Base Oil market fluctuated from bull