Carbon markets: European carbon traded in a narrow range and ended Friday 0.3% lower, down 0.1% on the week (Carbon Pulse Euro Markets, September 25); the benchmark closed at €86.78/t (Trading Economics). Policy headlines stayed busy: the WTO agreed to establish a dispute panel on Russia's complaint against the EU CBAM, EU rules banning unsubstantiated carbon-neutrality claims started applying on Sunday, and Czech Prime Minister Andrej Babis is set to urge a further ETS2 delay (Carbon Pulse, September 25-27). On the voluntary side, Verra said on Monday that its carbon capture and storage methodology has been approved by the ICVCM (Carbon Pulse, September 28), and a buyer survey found VCM target portfolio prices have roughly tripled since 2022 (Carbon Pulse, September 25). ACCUs last closed at A$38.40 (CORE Markets, September 23).
Waste oil and base oil: Crude gave back the Saudi spike. WTI futures settled at $90.52/bbl on September 22, down from $105.83 a week earlier, as the East-West pipeline restarted at reduced capacity and US-Iran talks took place in New York (Lubes'N'Greases Weekly Americas Base Oil Price Report, September 23). Base oil postings kept rising regardless: Chevron raised Group II 100R by 40 cents/gal and 220R/600R by 35 cents effective September 22, and Petro-Canada lifted Group III by 50 cents effective September 25. A 40,000-ton Adnoc cargo marketed by Penthol cleared Hormuz for the US, though Penthol's contract force majeure stays in place. Diesel is the pressure point: the US retail average hit a record $6.50/gal and Washington is considering a diesel export ban, while Gulf Coast wholesale low-sulfur diesel held at $4.96/gal on September 21 (EIA via Lubes'N'Greases). Monday morning, WTI was back near $94 (Trading Economics).
Takeaway: Posted base oil prices are rising while crude falls, which on paper widens the spread for Group II re-refiners. Collectors and re-refiners: record diesel keeps fuel outlets competing for used oil, so expect firm pay-for-oil bids and keep contract terms short. Buyers: increases are landing across Group II and III; secure Q4 volumes before the Paulsboro Group I and Petro-Canada Group II turnarounds tighten spot supply.
Our indicative CXF US Gulf assessment stands at $21.50/t and CXF re-refining credits at $19.90/t — desk marks, updated September 28, 2026, unchanged from last week's note. Our price-history database was unreachable this run, so no independent week-over-week series is quoted.
Indicative desk marks — not financial advice. Current levels: CXF Price Index.