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S&P Global reports that CIF Northwest Europe ULSD differentials fell from $24/mt to $13/mt between March 12 and March 17, and Mediterranean differentials fell from $15.75/mt to $9.25/mt. Refiners may shift output toward Group II and III base oils, which are expected to rise with Q2 lubricant demand.
Weaker diesel margins may lead refiners to shift feedstock toward base oils, which reduces diesel output at the margin. The effect on feed commodity prices is minimal.
spglobal.comIman Rezig, Nadia BliznikovaMar 18, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
