This past week, Chevron, HollyFrontier, Ergon, Petro-Canada, Calumet, Phillips 66, ExxonMobil, Paulsboro Refining and Motiva all announced price increases on their paraffinic lube base oils. These price increases ranged from 10 - 23 cents per gallon.

In the API Group I segment,
- HollyFrontier announced it is increasing the prices of its SN70 through SN350 by 12 cents per gallon and its SN500 through Bright Stock by 15 cents per gallon effective March 10.
- ExxonMobil increased prices of it CORE Group I light and mid-viscosity grades by 12 cents per gallon, and its heavy grade and bright stock by 15 cents per gallon effective March 9.
- PBF Energy's Paulsboro Refining announced it is increasing posted prices on all base oils as follows: VP 100 and VP 165 by 12 cents per gallon, and VP 500 through 150BS by 15 cents per gallon effective March 14, 2017.

Calumet announced it planned to increase prices of all grades of its Calpar Group I (600 and 150BS) and Group II (60 through 325) paraffinic base oils by 15 cents per gallon effective March 13. Ergon also announced a price increase on its Hygold paraffinic base oils - P40 through P600 by 15 cents per gallon and P150BS and 5000BS by 15 cents per gallon, effective March 15.

Continuing with Group II,
- Chevron announced a price increase on its USGC 100R, 220R and 600R, all by 10 cents per gallon, effective March 15.
- Phillips 66 announced it was increasing posted prices of its Pure Performance 70N and 80N by 18 cents per gallon, its 110N by 15 cents per gallon, its 225N by 17 cents per gallon, and its 600N by 10 cents per gallon effective March 9.
- Motiva announced a price increase for its II STAR 4 (110 cSt) by 15 cents per gallon, its STAR 6 (220 cSt) by 17 cents per gallon and its STAR 12 (600 cSt) by 10 cents per gallon effective March 8.
- Petro-Canada went up on its Purity base oils by 12 cents per gallon effective March 13.

Phillips 66 also increased its Group II+/III base oils, Ultra S2 and Ultra S8 by 23 cents per gallon, and Its Ultra S3 and Ultra S4 by 17 cents per gallon, effective March 8.

On the naphthenic side, we are not aware of any price adjustments announcements made last week, but several of the naphthenic base oil producers indicated to us they were considering an upward movement, as margins have eroded, demand is strong and some producers say they are oversold.

Ironically, West Texas Intermediate futures on the CME/Nymex settled at $48.39 per barrel on March 10, down over 9 percent from a high of $53.40/bbl earlier in the week, it's biggest three day loss in a year. Brent crude finished the week at $51.37/bbl on the CME on March 10, down over 8 percent from $56/bbl earlier in the week.