Asian Base Oils Stagnate on Weak Demand

Asia and Middle East Weekly Group II Base Oils Commentary / Asia Group II spot activity remains thin – Bid - ask spread widens

Jun 02, 2026

Spot activity in the Asian Group II market was thin in the week ended April 1, with major refiners largely absent from the spot market for April loading. Some spot flexi trades were still heard for limited volumes held by Asian traders, though at elevated levels. Buyers continued to adopt a wait-and-see approach, anticipating potential price corrections following the US-Iran conflict. “I think soon the tug of war will begin between sellers and buyers for May loading,” a Northeast Asian producer said. Selling indications for Group II 150N were heard at $1,400-$1,500/mt FOB Asia, while buying indications trailed at $1,250-$1,300/mt, reflecting a wide bidask spread. On a CFR India basis, buying interest was even broader at $1,220-$1,500/mt for end-April to May loading cargoes. FOB Asia 70N up $320/mt at $1,420/mt,...

Exclusive market movement data, shipping lineups, demand signals and pricing rationale continue in full report.

Unlock complete article access with a paid account.

Continue Reading With Membership

This is a preview. Login and activate a paid plan to read the complete article.