White Oil Price Trend and Forecast

Regional Price Overview

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

White Oil Price Trend for the Q1 of 2024

Asia

White oil is the mineral oil produced with very advanced distillation and filtration of crude oil. White oil is much more transparent and odorless than the crude oil. It is capaciously consumed as a base material for a lot of cosmetics, pharma, and industrial products. However, since it is directly sourced from crude oil, their price trends align quite closely with each other.

White Oil Price Chart

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Any fluctuations in the crude oil market are also reflected in the white oil prices. During the first quarter of the year 2024, a steep incline was observed in the white oil prices in the Asian markets. Both India and China had access to Russian oil despite the sanctions and enjoyed a consistent inflow even during times of high global inflation in the last year.

However, that edge was now lost since even the Russian oil got expensive, and the logistical challenges became paramount. OPEC+ announced a decline in outputs from Russia and Iraq. With this, the prices surged in the global markets. White oil exhibited an inclined price performance throughout the given span of Q1’24.

Europe

Just like the Asian white oil market, the prices in the European markets remained inclined for the first three months of 2024. The region was again seeing a phase of inflation as the US Dollar got stronger depreciating the Euro’s value. This raised the general commodity prices. The Russia and Ukraine conflict was also getting more and more severe with time. Thus, the supply chains got even more disturbed.

Ukraine attacked major Russian oil refineries, mainly Lukoil Nizhny, Rosneft Ryazan, and Surgut Kirshi, which immediately cut down the OPEC+ nation’s refining capacity and output volumes. Thus, the white oil prices rose consistently in the European markets during the first quarter of 2024.

North America

Given the global inclination in the white oil market, the price trend was not much different in the American markets. Considering the serious geopolitical and geoeconomic tensions around the globe the market remained strained. The US usually plays at the center of such crises. However, things seemed a bit out of control this time. The trade and freight issues kept getting more and more serious.

Houthi and Somali pirates forced shipping companies to reduce active vessels in the Red Sea. Global trade was going through a crisis as, other than the Russian war, another major armed conflict broke out between Israel and Hamas in the Middle East. Overall, with rising upstream costs and challenges, the white oil prices remained on an uphill trek for the majority of the given time period.

Analyst Insight

According to Procurement Resource, the white Oil prices are expected to escalate even more in the coming times since the trade challenges do not seem to be calming down anytime soon.

White Oil Price Trend for the October - December of 2023

Asia

White oil liquid paraffin or mineral oil is one of the products of crude oil distillation. White oil is a highly refined petro-product that is extensively used for various important applications in the pharmaceutical and personal care sectors. Since white oil is sourced from crude oil distillation, white oil prices readily mimic any fluctuations in the feedstock crude oil prices.

During the given period of Q4’23, the white oil prices were observed to be plummeting. The cheap import of the oil to both India and China also kept the white oil market on the lower side. Overall, depreciating price trend were witnessed during the last quarter of 2023.

Europe

The European white oil market trend were no different from its Asian counterpart. The white oil prices were observed to be fluctuating at the lower level of the graph here as well. A pushback in the crude oil prices in the region was the primary reason that the white oil prices remained weak in the European market throughout the said period.

North America

The American market was also no different from the major global markets as the white oil prices experienced plunging trend. The dip in crude oil prices amidst various geopolitical tensions caused the white oil prices to flutter in Q4’23.

Analyst insight

According to Procurement Resource, the White Oil price trend are likely to remain oscillating in the coming months given the current unstable demand-supply dynamics.

White Oil Price Trend for the July-September of 2023

Asia

The white oil market began the third quarter with a slow start as the price trend declined with industrial turmoil in the Asian countries. The challenging economic conditions pressurized the manufacturing and consumer sectors and resulted in the depletion of their output rates. However, the rise in automotive sales helped the white oil market to regain its momentum along with the rise in crude oil costs, and thus in the later months, the white oil price trend surged.

Europe

The skincare and cosmetics sector excessively employs white oil in its production and, therefore, has a major share in dictating the trajectory of white oil price trend. The rise in the usage of cosmetics products by consumers worldwide accelerated the demand for white oil and the trajectory of white oil price trend. The upward route of the white oil price graph was hindered by the consistent inflation and interest rate constraints in the latter month of the third quarter.

North America

The growth of white oil price trend in the first half of the third quarter was restricted by the muted orders from the downstream industries and the weak spending budget of the consumers. The purchasing activities of white oil constricted in view of the poor performance of the US economy and the bearish movement of the overall market. The month of September brought some relief to the traders as the personal care sector supported the surge in the white oil price trend.

Analyst Insight

According to Procurement Resource, the price trend of Wheat Oil are estimated to follow an inclining path in view of the increasing usage of cosmetics products worldwide.

White Oil Price Trend for the First Half of 2023

Asia

The prices of white oil fluctuated in the first and second quarters of 2023. Initially, the prices declined with the low demand from cosmetics and related industries. The decline in freight charges and rising global inflation rates also resulted in the decline in white oil prices. The market improved slightly in the middle of the first quarter but declined again as it had no support from the crude oil sector or demand from the downstream industries.

Europe

The European market remained volatile in the first and second quarters of 2023 for the prices of white oil. The market in the initial months of the first quarter was supported by rising crude oil prices and a high number of orders from the downstream sectors. But in the subsequent months of the first and second quarters, the trend dropped owing to sluggish demand from the end-sector industries and the lowering of natural gas prices forcing the manufacturers to decrease their production costs.

North America

In the initial months of the first quarter,  white oil prices declined in the North American region as they were affected by the rising pressure of inflation and the slow economic movement of the market. As a result, the demand from the end-user industries was also subdued, and freight charges saw a slump with the decrease in shipment activities. However, in the later months of the first quarter and throughout the second quarter, the price trend stabilized as the equilibrium between the supply-demand dynamics stabilized.

Analyst Insight

According to Procurement Resource, the price trend of white oil is estimated to showcase a mixed pattern owing to the uncertainties in the freight charges, crude oil prices, and demand from end-user industries.

Procurement Resource provides latest prices of White Oil. 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.