Base oils and waxes
Overview
As the world pivots towards decarbonisation, challenges and opportunities loom for base oils production and demand. Staying on top of this market is more important than ever to realise these opportunities and mitigate pricing risk.
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Latest base oils and waxes news
Browse the latest market moving news on the global base oils and waxes market.
TotalEnergies wins Stellantis engine oil tender
TotalEnergies wins Stellantis engine oil tender
London, 5 June (Argus) — Italian automaker Stellantis has awarded TotalEnergies a five-year engine oil supply agreement starting from 2026, the major told Argus today. The decision marks the end of an historic contract with domestic supplier Selenia — a brand of motor oils owned by Malaysian state-owned Petronas. TotalEnergies will now cover Stellantis factory first fill and independent aftermarket. The Italian Labour Union and Stellantis have been approached for comment. Premium base oils such as Group III operate as the primary feedstock for automotive lubricants. Group III spot prices have recently strengthened as a result of global maintenance. Bahrain's state-owned Bapco carried out a 45-day turnaround at its 400,000 t/yr Group III unit in Sitra, while SK Enmove is undertaking maintenance at its 1.3mn t/yr Group III plant in Ulsan, South Korea since mid-May. Europe remains mostly reliant on Group III imports because only 13pc of the region's estimated 7mn t/yr of nameplate base oil output capacity dedicated to premium grades. Argus -assessed Group III 4cst spot prices with varying approvals stands 5pc higher on the month at €1080/t assessed on 30 May. Italian base oil and finished lubricant demand rose by 14pc across the first quarter of 2025 on the year to 109,000t. By Christian Hotten Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Singapore’s April base oil imports fall to 5-month low
Singapore’s April base oil imports fall to 5-month low
Singapore, 3 June (Argus) — Singapore's April base oil imports dropped to the lowest in five months, following a surge in imports to a 42-month high in March, GTT data show. Imports to the city state declined in tandem with a contraction in overall factory activity. Singapore's Purchasing Managers' Index dropped from 50.6 in March to 49.6 in April, halting 19 consecutive months of expansion, data from the Singapore Institute of Purchasing and Materials Management show. A reading above 50 indicates expansion. Total imports over January to April was 73pc higher than the same period last year, boosted by consistently higher imports in the first quarter. April's drop in imports was largely because of zero shipments recorded from the UK and US, which had sent a combined total of 19,800t of base oils to Singapore in March. Shipments from the UK and US are typically irregular, with five-year monthly averages of 2,300t and 3,800t respectively. Zero imports were received from Japan for the fifth consecutive month, as supplies remained curtailed on the back of multiple scheduled maintenances in the northeast Asian country. Singapore continued to seek Group I supplies from alternative sources such as Saudi Arabia and Russia. Supplies from Thailand slipped on the month but remained above the five-year monthly average of 2,500t. Persistently tight availability of Group I base oils supported firm prices in April. The Argus -assessed Asia fob export price for Asia Group I SN 500 increased from $918/t in March to $923/t in April, while bright stock rose from $1,241/t to $1,248/t over the same period. Group I SN 150 remained stable at $678/t fob Asia, as readily available supplies of Group II N150 helped offset limited supplies of the Group I light grade. By Tara Tang Singapore's base oil imports t Apr'25 m-o-m ± % y-o-y ± % Jan-Apr'25 y-o-y ± % South Korea 7,466.0 -3.3 -26.5 31,259.0 -25.6 Qatar 7,353.0 -46.9 -14.5 70,676.0 40.2 Russia 5,000.0 NA NA 18,278.0 32,539.3 Saudi Arabia 5,888.0 22.2 NA 19,012.0 169.6 Thailand 3,512.0 -42.9 38.1 20,740.0 252.8 Total 42,734.0 -53.9 10.6 289,847.0 72.9 Source: GTT Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
German base oil sales hit record low in 2024
German base oil sales hit record low in 2024
London, 20 May (Argus) — German base oil demand fell in 2024 to the lowest on Argus' records, caused by rising electric and hybrid vehicle sales. This marks a back-to-back record decline following the previous all-time low set in 2023 , data from the Federal Ministry for Economic Affairs and Energy show. Base oil sales in 2024 were 32pc below the 10-year average of 920,000 t/yr ( see table ). Sales probably fell on a rise in German plug-in-hybrid and hybrid electric vehicle sales, which increased by 9pc and 14pc to 192,000 and 755,000 respectively, according to the European Automobile Manufacturers' Association. Uncompetitive base oil prices discouraged exports, which also fell to the lowest levels since Argus' records began. Average Argus -assessed Group I export spot prices on an fob basis for the SN 500 and bright stock grade rose by 6pc on the year in 2024 to $1,047/t and $1,279/t, respectively. By Christian Hotten German base oils t 2024 2023 ±% Sales 626,500 738,100 -20 Exports 172,115 213,378 -19 Production 236,730 233,300 1.5 Federal Ministry for Economic Affairs and Energy Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spanish base oils under force majeure after power cut
Spanish base oils under force majeure after power cut
London, 7 May (Argus) — Spanish firm Repsol declared force majeure on its domestic base oil operations last week, the day after a massive power outage disrupted industrial infrastructure across the Iberian peninsula, the company told Argus today. Repsol has since resumed production at its Spanish base oil plants, but the force majeure remains in place. Its duration will depend on how successfully output can be ramped up and whether the base oil material meets quality specifications, the company said. The nationwide blackout disrupted operations at Repsol's 80,000 t/yr Group I unit in Puertollano and its 135,000 t/yr Group I and 630,000 t/yr Group II and III units in Cartagena. It shares the Cartagena units in a joint venture with South Korean producer SK Enmove. The power outage in Spain has further tightened already constrained global Group III supplies. Bahrain's state-owned Bapco is carrying out a 45-day turnaround at its 400,000 t/yr Group III unit in Sitra, and SK Enmove is poised to start maintenance at its 1.3mn t/yr Groiup III plant in Ulsan, South Korea in mid-May. Europe is a net importer of Group III product, with only 13pc of the region's estimated 7mn t/yr of nameplate base oil production capacity dedicated to the higher-quality grade. Tight supply, combined with seasonally high finished lubricant demand due to the spring oil change, is likely to continue to support Group III prices. By Christian Hotten & Gabriella Twining Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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