Chemicals Updates

Asia and Middle East Weekly Group II Base Oils Commentary / Asia Group II market sees wide buy-sell gap / Sellers focus on term commitments, keep spot volumes limited

Jul 17, 2026

The Asian Group II market exhibited a wide buy-sell gap in the week ended July 15, as buyer sentiment softened significantly — especially in Asia — while sellers remained firm with their offers. The gasoil market strengthened, with the FOB Singapore 10ppm gasoil cargo price at $1,093.51/mt on July 15, up $191.76/mt week over week. The most immediate impact was seen on the 70N base oil grade, with a seller having been heard to have paused spot offers during the week due to volatility in the upstream crude and gasoil markets. For other Group II grades, sellers focused on term commitments, leaving limited volumes for the spot market. Asian buyers’ indications for spot cargoes stood at $1,500/mt or lower for 150N, and in the range of $1,600- $1,650/mt or lower...

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