White Oil Prices

White Oil Prices June 2024

During the Q2 of 2024, the white oil prices in the United States reached 1638 USD/MT in June. The U.S. market exhibited stability, driven by a steady supply-demand outlook and regular refinery functions. Despite fluctuating rates of crude oil and minor geopolitical conflicts, the market remained resilient, with only slight seasonal price variations due to increased demand for cosmetic products during summer. In confluence with this, prices remained static compared to earlier quarters, reflecting a dependable pricing environment, ensuring minimal disruption in the white oil market.

In the second quarter of 2024, white oil prices in China experienced notable price fluctuations, with a substantial year-over-year decrease driven by diminished economic demand and slower industrial activity. Compared to last quarter, prices dropped to 929 USD/MT in June, indicating weakened demand and reduced crude oil prices.

White Oil Prices December 2023

The price of white oil in the Chinese market reached 1148 USD/MT in the fourth quarter of 2023. The prices of crude oil prices depicted a decline, however white oil prices in the region exhibited limited changes due to the establishment of an appropriate gap between existing demand and current supplies. Additionally, the demand from the automotive downstream industry was considerable on account of the modest rise in automotive sales during the months of September and October. Another factor affecting the white oil prices across the region include the persistent changes in the crude oil process which are further leading to an increase in the production costs. However, the market witnessed a bearish trend on account of the major shift of automotive key players toward electric automotive and the deteriorating economic conditions.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the white oil price trend.

Global White Oil Price

The report offers a holistic view of the global white oil pricing trends in the form of white oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into white oil historical price, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into white oil price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed white oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe White Oil Price

Q2 2024:

In Europe, the market experienced a varied sentiment in Q2 of 2024, with preliminary price increases driven by growing manufacturing rates. Moreover, as crude oil prices declined mid-quarter, the market shifted to a bearish stance. Demand from key sectors like lubricants and paints remained sluggish, with inflation and reduced procurement activity further dampening market sentiment. High inflation and slow construction activity in Germany added pressure, leading to overall weak demand. Though the quarter began on a positive note, persistently low demand eventually led to a subdued market by its close, highlighting underlying economic challenges.

Q1 2024:

The market remained relatively steady in the Q1 FY24 despite rising crude oil prices. A slow construction industry, characterized by fewer permits and stalled projects, kept demand for paints and coatings subdued. The real estate market also faced challenges, with a negative investment outlook impacting civil engineering, commercial, and residential projects. Nevertheless, the Polyurethane market in the region experienced a boost mid-quarter, fueled by increased consumption from the improved construction activities in the British, Belgian, and Dutch markets. Additionally, union Workers' strikes also caused disruptions in the transportation system, leading to logistical issues and temporary price hikes.

Q4 2023:

The European white oil market experienced mixed trends during Q4 2023. Technical-grade White Oil saw fluctuating demand, with a boost in sales mid-quarter, followed by a small dip in the end of the quarter. However, the cosmetic-grade white oil maintained a bullish landscape, fueled by strong demand from the skincare sector as winter progressed. Nevertheless, the festive season in December led to a turnabout in market dynamics, with increased demand for cosmetic products and subdued activity for the technical grade. Besides this, the declining cost of crude oil and growing freight, majorly due to disruptions in the Red Sea, further influenced market trends.

Detailed price information for white oil can also be provided for an extensive list of European countries.

North America White Oil Price

Q2 2024:

In Q2 FY24, the region maintained a stable pricing environment, majorly in the United States. This consistency persisted despite external factors such as the changing cost of crude oil and changes in refinery functions. Aligned supply-demand, continuous refinery performance as well as ample crude reserves were key factors supporting market equilibrium. Seasonal shifts in consumption, especially for cosmetic items during summer, caused minor price variations, but overall, white oil prices stayed steady. Geopolitical conflicts and inventory changes had limited impact, showcasing the market's resilience and strong fundamentals.

Q1 2024:

The market remained relatively stable at the start of Q1 FY24. Prices saw a slight increase midway through the quarter, only to fall back by a similar margin. White Oil prices were influenced by unfavorable weather circumstances and rising logistics expenses. Demand surged due to an early, harsh winter, driving increased consumption in the cosmetic sector. Support from demand during the festive season, particularly in the skincare industry also boosted market demand. However, the market encountered obstacles as costly imports, exacerbated by disturbances across the Panama and Suez Canal, pushed shipping costs higher. By the end of the quarter, improvements in the supply chain contributed to a decline in prices.

Q4 2023:

The North America market remained stable during Q4 2023 despite a significant drop in upstream crude oil prices. This steadiness was largely spurred by diminished demand from the cosmetics sectors, which offset the cost-reduction benefits of cheaper crude oil. Unusual weather patterns, including poor winter conditions in northern regions and heavy rainfall in the south, influenced consumer behavior and purchasing activities. Higher shipping costs acted as a crucial factor in maintaining the price levels of imported white oil, even as bearish conditions persisted in the Asian export markets.

Specific white oil historical data within the United States and Canada can also be provided.

Middle East and Africa White Oil Price

The report explores the white oil pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific White Oil Price

Q2 2024:

During June 2024, the Asia Pacific white oil market established a steady pricing trend molded by sufficient crude supplies, favorable manufacturing conditions, and calculated imports, though excessive shipping costs and maintenance-driven manufacturing cuts employed some upward pressure. Reduced consumption across end user sectors, like construction and lubrication, helped offset these effects. In China, white oil prices experienced notable declines due to reduced economic performance and sluggish industrial activity. The overall pricing circumstances reflected a balanced market, aligning with broader global trends despite ongoing economic challenges.

Q1 2024:

The market followed a bearish trajectory throughout the quarter, with prices falling considerably. This drop was largely due to weak consumption across the lubrication sector, as production in China remained slow until later in the quarter. Although automotive sales spiked in January, they quickly declined, further softening the market. Activity in the construction industry also remained limited. Despite an increase in crude oil prices, sluggish activity in both construction and manufacturing kept the market under strain. While construction saw some recovery nearing the quarter-end, many suppliers were reluctant to buy additional material, resulting in inventory buildup.

Q4 2023:

In the fourth quarter of 2023, the market prices across the Asia Pacific region showed resilience despite weaker crude oil prices. Demand from downstream sectors, including the automotive sector, remained steady, with automotive sales experiencing slight growth. However, as the shift toward electric vehicles progressed and broader economic conditions worsened, a bearish outlook emerged. China's White Oil market saw minimal price changes due to balanced supply and demand. Despite some fluctuations in early December, the year-over-year comparison revealed a sharp decline, driven by reduced demand from industries like lubricants and the ongoing market shifts.

This white oil price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America White Oil Price

The analysis of white oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.

This comprehensive review can be extended to include specific countries within Latin America.

White Oil Price Trend, Market Analysis, and News

IMARC's latest publication, “White Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” presents a detailed examination of the White Oil market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of White Oil at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed White Oil price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting White Oil pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

White Oil Market Analysis

The global white oil industry size reached US$ 2.1 Billion in 2023​. By 2032​, IMARC Group expects the market to reach US$ 2.8 Billion, at a projected CAGR of 3.00% during 2023-2032​.

• White oil is highly used in the pharmaceutical industry due to its purity, safety, and stability, thus propelling the market growth. In line with this, there has been a rise in product adoption to manufacture lotions, creams, and ointments on account of their hypoallergic and non-reactive properties. According to industry reports, the pharmaceutical industry of India is projected to reach $130 Billion by 2023, exhibiting a growth rate of 10%.
• Additionally, it is widely employed in the textile sector, as white oil functions both as a lubricant and anti-static agent in fiber production. It enhances fabric quality by reducing friction and preventing fiber clumping, which ensures smoother processing and improved final product performance. This use of white oil is crucial for maintaining high standards in textile manufacturing.
• Another factor that is influencing the white oil market is the increasing adoption in the personal care and cosmetics industry. According to a report published by the IMARC Group, the global cosmetics market has reached US$ 400.6 Billion in 2023 and is projected to reach US$ 618.7 Billion by 2023. The market displays a growth rate of 4.8% during 2024-2032. Within this industry, the product is primarily used in hair conditioners, moisturizers, cosmetics, and bath oils. On the other hand, the growing awareness about personal grooming and skincare among individuals and the rising popularity of these products among men is driving the market.
• Moreover, white oil is massively adopted in the food industry, serving as a release agent for baking and a lubricant for machinery in food processing. Additionally, the rising food processing equipment market is another industry depicting a positive white oil market. As per the IMARC Group, the global food and beverage processing equipment market has already reached US$ 61.4 Billion in 2023 and is expected to reach US$ 93.8 Billion by 2032.
• Furthermore, white oil is extensively used in the production of industrial and automotive lubricants due to its excellent thermal stability, low volatility, and purity. It is commonly applied in machinery and hydraulic systems where high-quality lubrication is required.

White Oil News

The report covers the latest developments, updates, and trends impacting the global white oil industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the white oil price trend.

Latest developments in the white oil industry:

• In February 2024, Chevron Lummus Global LLC (CLG) commissioned the world's largest white oil hydroprocessing unit for Hongrun Petrochemical in Weifang, China. The facility, utilizing CLG's Isodewaxing and Isofinishing technologies, includes a 500,000 million tonnes per annum (MTPA) API Group III lubricating base oil unit and a 200,000 MTPA food-grade white oil unit.
• In May 2023, Hemisphere Ltd. LLC acquired White Oil Co., a bulk fuel distributor based in Campbellsville, Kentucky. This acquisition strengthens Hemisphere's portfolio, which includes Continental Refining Co. (CRC), Warner Fertilizer, and Midland Farms convenience stores. White Oil owns one C-store, with two more opening soon. The deal aligns with Hemisphere's strategy of growth through strategic acquisitions and investments in key markets, enhancing the company's presence and operational capabilities.

Product Description

White oil, generally known as mineral oil, refers to a refined petroleum product recognized for its colorless and odorless properties. It majorly consists of cyclic paraffin and alkanes due to the robust purification procedure. This procedure grants white oil a distinctive water such as appearance, also making it one of the purest forms of petroleum.

White oil is produced by following numerous steps, beginning with the distillation of crude oil. This procedure starts with the elimination of volatile fractions through a distillation column and a solvent extraction after that. The second step includes hydrocracking and hydrogenation, whereas the final stage includes the rigorous filtration of the product in order to ensure its stability and purity.

White oil is used in a wide array of applications, such as cosmetics and personal care, pharmaceutical and medical industries, the food industry, and a variety of other applications. This oil also finds its application in the textile industry where it is used to spin fibers.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of white oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting white oil price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The white oil price charts ensure our clients remain at the forefront of the industry.