ILMA Compoundings September 2016 - 29
SPEAKER SPOTLIGHT
as seen in the U.S. market. The API groupings are not useful in
terms of price prediction, as buyers simply want certain base oil
properties irrespective of the API nomenclature.
Finally, the shortfall in heavy neutrals and Bright Stock as a result
of Group I plant rationalizations led to further exaggerations in
price differentials between light and heavy viscosity base oils.
What once was strictly a supply-side cost-recovery premium
for heavy neutrals is now compounded with a demand-side
shortfall premium. Shortfalls in viscosity, independent of
saturates or VI level, will continue to drive premiums for Group I
and naphthenic heavy neutrals and Bright Stocks/Cylinder Oils.
Global base oil supply versus demand, regardless of API quality
level, is still the foundation for base oil pricing. The highestcost base oil producers must cover their cash costs over time
or face extinction. This was expected to be Group I plants, but
premiums for high-viscosity base oils (and waxes) improved the
ability of Group I plants to cover their costs, leading to Group
I plants remaining profitable. As Group II/III plants were built
across the last two decades while Group I plants have been slow
to rationalize, the global base oil market became increasingly
oversupplied. Base oil pricing mechanisms have become much
more complicated. Every base oil viscosity grade, and every
base oil quality level within each grade, now has its own set of
pricing fundamentals driven by - you guessed it - supply and
demand.
Claxton is principal and CEO of My Energy Inc. She will be the
Tuesday morning keynote speaker at ILMA's 2016 Annual Meeting
in Scottsdale, Arizona. She may be reached at 717-583-3468 or
aaclaxt@yahoo.com.
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ILMA Compoundings September 2016
Table of Contents for the Digital Edition of ILMA Compoundings September 2016
FROM THE CEO
BOARD BRIEF
NOTES FROM MSCI
THE HEART OF ILMA
THE ARGUS ANALYSIS
VOICES & VIEWS
INTERNATIONAL INSIGHT
SPEAKER SPOTLIGHT
FAMILY BUSINESS
FINANCIAL FREEDOM
RULES & REGS
POWER PLAY
LEGAL EASE
THE WHITE PAPER
ADVERTISERS INDEX
ILMA Compoundings September 2016 - 1
ILMA Compoundings September 2016 - 2
ILMA Compoundings September 2016 - 3
ILMA Compoundings September 2016 - 4
ILMA Compoundings September 2016 - FROM THE CEO
ILMA Compoundings September 2016 - 6
ILMA Compoundings September 2016 - 7
ILMA Compoundings September 2016 - 8
ILMA Compoundings September 2016 - BOARD BRIEF
ILMA Compoundings September 2016 - 10
ILMA Compoundings September 2016 - 11
ILMA Compoundings September 2016 - 12
ILMA Compoundings September 2016 - NOTES FROM MSCI
ILMA Compoundings September 2016 - 14
ILMA Compoundings September 2016 - THE HEART OF ILMA
ILMA Compoundings September 2016 - 16
ILMA Compoundings September 2016 - 17
ILMA Compoundings September 2016 - 18
ILMA Compoundings September 2016 - 19
ILMA Compoundings September 2016 - 20
ILMA Compoundings September 2016 - THE ARGUS ANALYSIS
ILMA Compoundings September 2016 - 22
ILMA Compoundings September 2016 - 23
ILMA Compoundings September 2016 - VOICES & VIEWS
ILMA Compoundings September 2016 - 25
ILMA Compoundings September 2016 - INTERNATIONAL INSIGHT
ILMA Compoundings September 2016 - 27
ILMA Compoundings September 2016 - SPEAKER SPOTLIGHT
ILMA Compoundings September 2016 - 29
ILMA Compoundings September 2016 - FAMILY BUSINESS
ILMA Compoundings September 2016 - 31
ILMA Compoundings September 2016 - FINANCIAL FREEDOM
ILMA Compoundings September 2016 - 33
ILMA Compoundings September 2016 - RULES & REGS
ILMA Compoundings September 2016 - 35
ILMA Compoundings September 2016 - POWER PLAY
ILMA Compoundings September 2016 - 37
ILMA Compoundings September 2016 - LEGAL EASE
ILMA Compoundings September 2016 - 39
ILMA Compoundings September 2016 - THE WHITE PAPER
ILMA Compoundings September 2016 - 41
ILMA Compoundings September 2016 - ADVERTISERS INDEX
ILMA Compoundings September 2016 - 43
ILMA Compoundings September 2016 - 44
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