ILMA Compoundings March 2018 - 19

US GROUP I SN 150 & GROUP II N100 PRICES ($/USG) VS CRUDE OIL ($/bl)
$3.25

$85

$3.05
$75

$2.85
$2.65

$65

$2.45

$55

$2.05

$/bl

$/USG

$2.25

$1.85
$45

$1.65
$1.45
$1.25
$1.05

WTI crude
ExxonMobile SN 150 posting
Argus dom spot US GI SN 150
Motiva N100 posting
Argus dom spot US GII N100

$0.85
Jan '16 Mar '16 May '16 Jul '16 Sep '16 Nov '16 Jan '17 Mar '17 May '17 Jul '17

$35

$25
Sep '17 Nov '17 Jan '18

February. Most of these supplies were sold to trading firms
in December and January. This large volume follows the
shipment of more than 100,000 tons of mostly Group II
supplies to this region in December and January.
A major U.S. Gulf Coast producer did not have any spot
Group II supplies available in February. The producer had
sold in December and early January most of its spot supplies
through February.
Some of the other major Group II producers will have
spot cargo volumes available for export in March.
Group I prices also firmed ahead of planned maintenance
at a major refinery starting in mid-February. The maintenance involves the refinery's sole crude unit. It is expected to
last between six and seven weeks. The producer had limited
surplus supplies available on a spot basis in the months
before the maintenance began.
Only one major producer had cargo volumes of its heavy
neutrals and bright stock available for export in December
through February. These supplies were swiftly cleared in the
export market.
All Group I producers raised their solvent neutrals prices
by 15 cents per gallon in January. But bright stock posted
prices remain unchanged. Weaker demand for the Group I
heavy-grade and access to lower-priced alternative products
kept pressure on bright stock prices.

MAINTENANCE CURBS GROUP III SUPPLIES
Group III prices also rose in early February to their highest
levels since May 2017 amid a heavy round of refinery maintenance. All U.S. Group III suppliers raised their prices between
10 and 24 cents per gallon in late January and early February.
Supplies of fully and semi-approved Group III base oils
are balanced. A round of Group III refinery maintenance in
Asia-Pacific and the Mideast Gulf in the first few months
of the year has curbed the availability of fully approved
supplies. Some suppliers have sufficient volumes in storage
tanks in the U.S. to cover their commitments in the Americas during the maintenance period, but additional supplies
of fully approved Group III remain limited.
Some unapproved Group III supplies of U.S. and Russian
origin have remained available on a spot basis, but prices for
these supplies also increased in January.
More unapproved Group III supplies from a Mideast Gulf
refinery began to arrive in the U.S. in late February. This
facility produces fully and unapproved Group III base oils.
Regular shipments of unapproved Group III supplies from
this refinery will continue to move to the Americas this year.
Molina is the editor of Argus Americas Base Oils.
She can be reached at 713-360-7560 or
eva.molina@argusmedia.com.

19



Table of Contents for the Digital Edition of ILMA Compoundings March 2018

LETTER FROM THE CEO
INSIDE ILMA
WHAT’S COMING UP
INDUSTRY RUNDOWN
In the Know
International Insight
Market Report
IS A JOINT VENTURE THE ANSWER?
WHERE’S YOUR INVENTORY?
SPEAKING YOUR LANGUAGE
BUSINESS HUB
COUNSEL COMPOUND
WASHINGTON LANDSCAPE
IN NETWORK
Member Connections
Cross Connections
PORTRAIT
ILMA Compoundings March 2018 - Cover1
ILMA Compoundings March 2018 - Cover2
ILMA Compoundings March 2018 - 1
ILMA Compoundings March 2018 - 2
ILMA Compoundings March 2018 - LETTER FROM THE CEO
ILMA Compoundings March 2018 - INSIDE ILMA
ILMA Compoundings March 2018 - 5
ILMA Compoundings March 2018 - 6
ILMA Compoundings March 2018 - 7
ILMA Compoundings March 2018 - 8
ILMA Compoundings March 2018 - 9
ILMA Compoundings March 2018 - WHAT’S COMING UP
ILMA Compoundings March 2018 - 11
ILMA Compoundings March 2018 - INDUSTRY RUNDOWN
ILMA Compoundings March 2018 - In the Know
ILMA Compoundings March 2018 - International Insight
ILMA Compoundings March 2018 - 15
ILMA Compoundings March 2018 - 16
ILMA Compoundings March 2018 - 17
ILMA Compoundings March 2018 - Market Report
ILMA Compoundings March 2018 - 19
ILMA Compoundings March 2018 - IS A JOINT VENTURE THE ANSWER?
ILMA Compoundings March 2018 - 21
ILMA Compoundings March 2018 - 22
ILMA Compoundings March 2018 - 23
ILMA Compoundings March 2018 - WHERE’S YOUR INVENTORY?
ILMA Compoundings March 2018 - 25
ILMA Compoundings March 2018 - 26
ILMA Compoundings March 2018 - 27
ILMA Compoundings March 2018 - 28
ILMA Compoundings March 2018 - 29
ILMA Compoundings March 2018 - SPEAKING YOUR LANGUAGE
ILMA Compoundings March 2018 - 31
ILMA Compoundings March 2018 - 32
ILMA Compoundings March 2018 - 33
ILMA Compoundings March 2018 - BUSINESS HUB
ILMA Compoundings March 2018 - 35
ILMA Compoundings March 2018 - COUNSEL COMPOUND
ILMA Compoundings March 2018 - 37
ILMA Compoundings March 2018 - 38
ILMA Compoundings March 2018 - WASHINGTON LANDSCAPE
ILMA Compoundings March 2018 - Member Connections
ILMA Compoundings March 2018 - 41
ILMA Compoundings March 2018 - Cross Connections
ILMA Compoundings March 2018 - 43
ILMA Compoundings March 2018 - PORTRAIT
ILMA Compoundings March 2018 - Cover3
ILMA Compoundings March 2018 - Cover4
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