Systems and methods are provided for producing upgraded raffinate and extract products from lubricant boiling range feeds and/or other feeds having a boiling range of 400° F. (204° C.) to 1500° F. (816° C.) or more. The upgraded raffinate and/or extract products can have a reduced or minimized concentration of sulfur, nitrogen, metals, or a combination thereof. The reduced or minimized concentration of sulfur, nitrogen, and/or metals can be achieved by hydrotreating a suitable feed under hydrotreatment conditions corresponding to relatively low levels of feed conversion. Optionally, the feed can also dewaxed, such as by catalytic dewaxing or by solvent dewaxing. Because excessive aromatic saturation is not desired, the pressure for hydrotreatment (and optional dewaxing) can be 500 psig (˜3.4 MPa) to 1200 psig (˜8.2 MPa).