Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In February, <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu Kosan (5019 JP)</a> announced a new buyback to start when the then-existing one had not yet been completed. This is a pattern the last few years.</li>
<li>On Tuesday, Idemitsu announced the method. Shareholder structure means there is pressure here, and its major peer sees buyback pressure drop imminently. </li>
<li>Be aware of tilts and timing, and what might come in May.</li>
</ul>


In February, Idemitsu Kosan (5019 JP) announced a new buyback to start when the then-existing one had not yet been completed. This is a pattern the last few years.
On Tuesday, Idemitsu announced the method. Shareholder structure means there is pressure here, and its major peer sees buyback pressure drop imminently. 
Be aware of tilts and timing, and what might come in May.


Idemitsu (5019) - Buyback Announced, Executed, To Be Executed Again; Pressure & Timing

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Global base oils prices extend rise vs feedstock/competing fuel prices.</li><li>Outright prices mostly hold firm or rise even in face of ongoing dip in crude oil/diesel prices.</li><li>Contrasting trends point to stronger base oils fundamentals relative to crude/diesel.</li></ul>

Global base oils prices extend rise vs feedstock/competing fuel prices.Outright prices mostly hold firm or rise even in face of ongoing dip in crude oil/diesel prices.Contrasting trends point to stronger base oils fundamentals relative to crude/diesel.

Global base oils margins outlook: Week of 5 May

<ul><li>Europe Group III base oils price trends higher vs prices in US and Asia over past two months.</li><li>Europe Group III price trends higher vs domestic Group I price and VGO, holds firm vs domestic Group II price.</li><li>Europe’s firmer Group III price differentials could reflect correction following sustained weakness.</li></ul>

Europe Group III base oils price trends higher vs prices in US and Asia over past two months.Europe Group III price trends higher vs domestic Group I price and VGO, holds firm vs domestic Group II price.Europe’s firmer Group III price differentials could reflect correction following sustained weakness.

Global base oils arb outlook: Week of 5 May

<ul><li>Asia’s base oils prices extend rise vs feedstock/gasoil prices.</li><li>Sustained strength of base oils margins points to limited surplus supply even as firm prices incentivize refiners to boost output.</li><li>Limited surplus supply at end-Q1/early-Q2 2025 follows seasonal rise in demand and heavy round of plant maintenance.</li></ul>

Asia’s base oils prices extend rise vs feedstock/gasoil prices.Sustained strength of base oils margins points to limited surplus supply even as firm prices incentivize refiners to boost output.Limited surplus supply at end-Q1/early-Q2 2025 follows seasonal rise in demand and heavy round of plant maintenance.

Asia base oils supply outlook: Week of 5 May

<ul><li>Asia’s base oils demand likely to face more downward pressure as slowing industrial activity in key regional markets start to reflect impact of US tariffs.</li><li>Demand already slowed amid uncertainty about impact of tariffs.</li><li>Slowdown in demand highlights widespread repercussion of tariffs, even for products that are not directly impacted.</li></ul>

Asia’s base oils demand likely to face more downward pressure as slowing industrial activity in key regional markets start to reflect impact of US tariffs.Demand already slowed amid uncertainty about impact of tariffs.Slowdown in demand highlights widespread repercussion of tariffs, even for products that are not directly impacted.

Asia base oils demand outlook: Week of 5 May

Japan

Idemitsu Kosan Co., Ltd. explores, imports, refines, and distributes petroleum and its related products.  The Company also manufactures and sells petrochemical products.

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Idemitsu Kosan (5019 JP)

Idemitsu (5019) - Buyback Announced, Executed, To Be Executed Again; Pressure & Timing

Idemitsu announced a decent-sized buyback. It is 20+% of Max Real World Float though crossholders may start selling next FY. There is timing to a...

Travis Lundy

Global base oils margins outlook: Week of 5 May

Global base oils prices extend rise vs feedstock/competing fuel prices. Outright prices mostly hold firm or rise even in face of ongoing dip in...

Base Oil News

Global base oils arb outlook: Week of 5 May

Europe Group III base oils price trends higher vs prices in US and Asia over past two months. Europe Group III price trends higher vs domestic...

Base Oil News

Asia base oils supply outlook: Week of 5 May

Asia’s base oils prices extend rise vs feedstock/gasoil prices. Sustained strength of base oils margins points to limited surplus supply even as...

Base Oil News

Asia base oils demand outlook: Week of 5 May

Asia’s base oils demand likely to face more downward pressure as slowing industrial activity in key regional markets start to reflect impact of US...

Base Oil News

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