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>Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year.</li><li>Asia’s Group II base oils prices hold firm relative to prices in more distant markets like Americas so far this year.</li><li>Asia’s firm prices complicate arbitrage, reflecting tighter-than-usual regional supply late last year and in early-2025.</li></ul>

Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year.Asia’s Group II base oils prices hold firm relative to prices in more distant markets like Americas so far this year.Asia’s firm prices complicate arbitrage, reflecting tighter-than-usual regional supply late last year and in early-2025.

Global base oils arb outlook: Week of 21 April

<ul><li>US domestic Group II base oils price premium to feedstock prices holds at more elevated levels.</li><li>Firm base oils margins incentivize refiners to maintain higher production levels.</li><li>Outright US domestic Group II prices fall in April 2025, at a time of year when prices typically hold steady or rise.</li></ul>

US domestic Group II base oils price premium to feedstock prices holds at more elevated levels.Firm base oils margins incentivize refiners to maintain higher production levels.Outright US domestic Group II prices fall in April 2025, at a time of year when prices typically hold steady or rise.

Americas/EMEA base oils supply outlook: Week of 21 April

<ul><li>Seasonal rise in US base oils demand likely to be more muted as concern about economic slowdown incentivizes blenders to maintain lower stocks.</li><li>Weak demand and rising surplus supply typically puts more pressure on export prices before domestic prices.</li><li>US base oils domestic prices instead fall while export prices hold steady so far in April 2025.</li></ul>

Seasonal rise in US base oils demand likely to be more muted as concern about economic slowdown incentivizes blenders to maintain lower stocks.Weak demand and rising surplus supply typically puts more pressure on export prices before domestic prices.US base oils domestic prices instead fall while export prices hold steady so far in April 2025.

Americas/EMEA base oils demand outlook: Week of 21 April

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>TotalEnergies, in its second quarter and first-half 2024 earnings, showcased a strategic focus on balanced growth, execution of large-scale projects, and improved shareholder returns, pivotal for the company's forward momentum in a transformative industry landscape.</li><li>Over the first half of 2024, TotalEnergies exhibited an active pursuit of its balanced strategy that encompasses strengthening its oil and gas portfolio while expanding its footprint in the integrated power sector.</li><li>This has been evident from the sanctioning of several key upstream projects such as Kaminho in Angola and Serie 2 and Atapu 2, all expected to bolster the upstream growth by 2-3% over the next five years.</li></ul>

TotalEnergies, in its second quarter and first-half 2024 earnings, showcased a strategic focus on balanced growth, execution of large-scale projects, and improved shareholder returns, pivotal for the company's forward momentum in a transformative industry landscape.Over the first half of 2024, TotalEnergies exhibited an active pursuit of its balanced strategy that encompasses strengthening its oil and gas portfolio while expanding its footprint in the integrated power sector.This has been evident from the sanctioning of several key upstream projects such as Kaminho in Angola and Serie 2 and Atapu 2, all expected to bolster the upstream growth by 2-3% over the next five years.

TotalEnergies SE: Strategic Portfolio Optimization in Renewable and Gas Projects Catalyzing Growth! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.</li>
<li>TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.</li>
<li>In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.</li>
</ul>


TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.
TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.
In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.


[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

Global base oils arb outlook: Week of 21 April

Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year. Asia’s Group II base oils...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 21 April

US domestic Group II base oils price premium to feedstock prices holds at more elevated levels. Firm base oils margins incentivize refiners to...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 21 April

Seasonal rise in US base oils demand likely to be more muted as concern about economic slowdown incentivizes blenders to maintain lower...

Base Oil News

TotalEnergies SE: Strategic Portfolio Optimization in Renewable and Gas Projects Catalyzing Growth! - Major Drivers

TotalEnergies, in its second quarter and first-half 2024 earnings, showcased a strategic focus on balanced growth, execution of large-scale...

Baptista Research

[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

TotalEnergies missed revenue & EPS estimates by 7.3% and 7.2% respectively. Lower refining margins negatively impact profitability. Upstream...

Mint Finance

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