ResearchIndustry Insights2026-10-23
Base Oil Import Window Opens as N500 Spread Widens
Brent fell 1.36% to USD 110.12/bbl; WTI fell 1.24% to USD 101.51/bbl; fuel oil front-month price rose, asphalt strengthened; the landed duty-paid cost of base oil N500 narrowed its discount against domestic mainstream quotations, confirming the opening of the import window. Refinery maintenance rates in East China rose, and lubricant blending plants shifted raw material procurement toward bonded warehouse receipts.