Heavy Lubricants Price chart 2024
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- 10 August 2024
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10Aug
Heavy Lubricants Monthly Price Trend Analysis for 2024
January - February 2024:
- Prices for heavy lubricants started relatively stable, influenced by leftover demand from 2023 and relatively steady supply chain conditions. However, the market faced some price pressures due to geopolitical tensions affecting crude oil prices, which are closely linked to lubricant costs.
March - April 2024:
- As supply chain disruptions began to ease, there was a slight decrease in lubricant prices. This period also saw a rise in demand from the automotive and industrial sectors, particularly in regions like Asia-Pacific and the Middle East, which bolstered the overall market stability.
May - June 2024:
- The market observed a moderate increase in prices driven by seasonal demand from the construction industry, which heavily relies on lubricants for equipment maintenance. Additionally, rising raw material costs, including base oils, started to exert upward pressure on prices.
July - August 2024:
- The prices peaked during these months due to heightened demand in both the agricultural and automotive sectors. This increase was further exacerbated by supply chain inefficiencies and higher crude oil prices.
September - October 2024:
- Prices began to stabilize as the market adjusted to the earlier peak, and supply chains became more resilient. There was also a slight dip in demand post-summer, particularly in the construction sector, which contributed to price stabilization.
November - December 2024:
- The year-end period witnessed a decline in prices due to reduced industrial activity and the typical slowdown in construction projects. However, prices remained higher than in early 2024, reflecting the overall inflationary trends throughout the year.
Key Influencing Factors of Heavy Lubricants
- Geopolitical Tensions: Continued conflicts and tensions in key oil-producing regions led to fluctuating crude oil prices, which directly impacted lubricant prices.
- Supply Chain Disruptions: Although there was some relief mid-year, ongoing global supply chain challenges, including logistical delays and material shortages, significantly affected pricing.
- Environmental Regulations: The shift towards more environmentally friendly lubricants and increased regulation, particularly in Europe and North America, drove up costs for synthetic and bio-based lubricants.