Carbon markets: European carbon ended the week 1.8% higher, with volumes and prices at six-week highs and bid support at €82.00 and later €83.00 as short positions were covered (Carbon Pulse Euro Markets, September 4). On the voluntary side, the ICVCM recognised the latest version of Verra's Verified Carbon Standard and approved 13 methodologies (Carbon Pulse, September 2); CCP-Eligible status sits at program level, and a credit still needs a CCP-Approved methodology to carry the label. Two days later Verra said it will inactivate a methodology covering energy efficiency and solid waste diversion projects next year, after a routine review found it no longer meets current program requirements (Carbon Pulse, September 4). CORSIA futures ticked higher on tight supply (Carbon Pulse VCM Report, September 7), and Germany opposed the Commission's plan to halve the Market Stability Reserve intake rate ahead of a December Parliament vote on the ETS overhaul.
Waste oil and base oil: Motiva raised Group II+ and Group III posted prices by $1.00 per gallon effective September 1, leaving Group II unchanged, the same day Excel Paralubes' 30-cent Group II increase took effect (Lubes'N'Greases Weekly Americas Base Oil Price Report, September 2). Middle East barrels remain unavailable with the Strait of Hormuz closed to most vessel traffic and production in Bahrain, Qatar and Abu Dhabi shut; at least one US distributor of Middle East base oils has declared force majeure. Crude reversed last week's dip: WTI October settled at $90.22/bbl on September 1 (from $82.36) and Gulf Coast low-sulfur diesel was $4.49/gal on August 31 (from $4.30). Bright stock and Group II 220N are the hardest cuts to find, Paulsboro's five-week Group I outage starts this month, and Chevron is expected to trim Pascagoula Group II output as its new Group III unit starts in October.
Takeaway: last week postings rose while crude fell; now both are rising, and the binding constraint has moved to cash. Lubes'N'Greases reports Latin American buyers and some US blenders on restricted cash flows and credit terms, with demand destruction a live risk. Collectors and re-refiners: tighten payment terms on spot export sales into Mexico and Brazil before chasing price. Buyers: contract volumes are being covered under allocation, so hold them, and qualify substitute Group II now where the application allows it.
Our indicative CXF US Gulf assessment stands at $21.50/t and CXF re-refining credits at $19.90/t — desk marks, updated September 7, 2026, unchanged from last Monday'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.