July was defined by unusually wide swings. Reuters and AP reporting supports the broad backdrop of renewed US-Iran hostilities and severe disruption around the Strait of Hormuz. The supplied market log moved from NYMEX August at $68.58 on July 1 to a July 23 spike in the September contract, followed by a sharp retreat after reports of a temporary ceasefire.
| Date | NYMEX | ICE Brent | China INE |
|---|---|---|---|
| Jul 1 | Aug $68.58, -$0.92 (-1.32%) | Sep $71.57, -$1.38 (-1.89%) | 2608 ¥460.4, -¥1.7; night ¥444.6, -¥15.8 |
| Jul 23 | Sep $92.19, +$5.36 (+6.17%) | Sep $100.69, +$6.62 (+7.04%) | 2609 ¥563.9, +¥13.7; night ¥604.0, +¥40.1 |
| Jul 27 | Sep $82.61, -$6.70 (-7.50%) | Sep $88.36, -$8.42 (-8.70%) | 2609 ¥565.0, -¥27.8; night ¥539.6, -¥25.4 |
| Jul 31 | Sep $84.67, +$1.08 (+1.29%) | Sep $90.12, +$1.09 (+1.22%) | 2609 ¥549.9, -¥11.1; night ¥553.8, +¥3.9 |
Implications for lubricant raw-material procurement
High volatility raises timing risk for Group I and Group II base oil purchasing, but grade fundamentals remain essential. SN150, SN500, 150N, 500N and Bright Stock have different refinery balances and availability. Buyers planning drums, IBCs or flexitank supply should confirm freight and loading windows instead of assuming crude futures alone set the transaction price.
Request a Quote: Request a current commercial offer.