L.S. base oil prices fell in January on the back of sliding crude prices and weak seasonal demand. The steep drop in crude and feedstock prices prompted all Group II and Group I producers to cut their prices in January. Group III producers similarly reduced their prices in February. The sustained slide in crude prices exacerbated the already seasonally-weak base oil demand. Buyers in both the domestic and export markets avoided securing large volumes as they sought to minimize their exposure to any further price decreases. Instead, blenders secured small volumes as needed.
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