Petroleum Jelly Price Trend and Forecast

Petroleum Jelly Regional Price Overview

Get the latest insights on price movement and trend analysis of Petroleum Jelly in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Petroleum Jelly Price Trend for the Second Half of 2023

Asia

Petroleum jelly is a direct residue of oil rigs after the crude oil distillation process is done, so the fluctuations in the crude oil markets are also reflected in the petroleum jelly prices. During the said period of the H2 of 2023, the prices were observed to be fluctuating in the Asian markets.
 

Petroleum Jelly Price Chart

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The petroleum jelly prices surged in the third quarter as OPEC+ put restrictions on oil exports to stabilize the global oil markets, and the edge the Indian and Chinese oil industries received by importing the sanctioned Russian oil was also not helping anymore. So, the petroleum jelly market was very firm throughout the third quarter in both India and China. However, the same cannot be said about the last quarter, as the prices here started to show reverse fluctuations. This was mainly due to excessive inventories and subdued demands. Overall, mixed market sentiments were witnessed.

Europe

The European petroleum jelly market behaved in a very similar manner to the Asian market. The market prices here too varied differently in both quarters. The third quarter was more positively inclined than the fourth quarter. And this market behavior was primarily linked to the crude oil supplies in the region.

The third quarter saw a global surge in oil prices, which eventually also pulled the petroleum jelly prices up. However, the fourth quarter was completely opposite as the prices during this time majorly fluctuated at the lower end of the curve. A dip in demand led to this downfall in the petroleum jelly price curve.

North America

The North American petroleum jelly market closely resembled its Asian and European counterparts during the second half of the year 2023. The prices here, too, fluctuated as per the fluctuations in the crude oil market. The first three months were firmer, and the suppliers withheld the stocks to manipulate the market in the winter months. However, the Red Sea issues changed the dynamics by curtailing offshore trade, and this made the market dependent on domestic consumption. As a result of this, the petroleum jelly prices came crashing down in the subsequent quarter. Overall, varying market sentiments were observed.

Analyst Insight

According to Procurement Resource, Petroleum Jelly price trends are likely to suffer more with dull demands going forward in the coming months as well.
 

Petroleum Jelly Price Trend for the First Half of 2023

Asia

The first quarter witnessed a consistent growth in the prices of petroleum jelly as the onset of the Chinese festival season helped in boosting the demand. In addition to this, the growth of packaging materials also aided the upward journey of petroleum jelly prices. The second quarter, however, failed to maintain this momentum as the prices began to decline.

The market witnessed a consistent decline during this quarter as the cost of raw materials failed to provide the market with the required support. Additionally, the falling construction and manufacturing activities proved to be unfavorable for the petroleum jelly price trend.

Europe

The surge in demand for petroleum jelly supported the rise in its price trend in the first quarter of 2023. In many countries, the laborers went on a strike that hampered the production rates and dried up the inventory levels, benefitting the rise in the prices of petroleum jelly. However, in the second quarter, the market winds changed, and demand for petroleum jelly dropped significantly. The major cause of this slump was the poor performance of the automobile and construction industries. Amid the weak economic conditions, the purchasing potential of buyers also took a hit, negatively affecting the prices of petroleum jelly.

North America

The North American rubber, packaging, and other related sectors had a fruitful first quarter, which helped in the growth of the petroleum jelly price trend. The supply was only able to cater to the demand of the domestic vendors; thus, the rise in the number of inquiries from overseas players supported the rise in the prices of petroleum jelly. Unlike the Asia-Pacific and European countries, the prices maintained this trajectory in the second quarter, too. A significant contributor to the incline in prices during this phase was the rise in the market share of battery-based electric cars.

Analyst Insight

According to Procurement Resource, the price trend of Petroleum Jelly is expected to oscillate in the upcoming months as the demand from the downstream industries and overall market dynamics seem uneven.

Procurement Resource provides latest prices of Petroleum Jelly. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.