Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Asia’s base oils prices extend fall vs gasoil prices, with Group II heavy-grade differentials slipping to lowest since start of Q3 2024.</li><li>Ongoing squeeze on base oils margins increases importance for refiners to maintain balanced-to-tight supplies to boost their leverage to adjust prices accordingly.</li><li>Weaker margins and importance of balanced supplies boost incentive for refiners to adjust output accordingly.</li></ul>

Asia’s base oils prices extend fall vs gasoil prices, with Group II heavy-grade differentials slipping to lowest since start of Q3 2024.Ongoing squeeze on base oils margins increases importance for refiners to maintain balanced-to-tight supplies to boost their leverage to adjust prices accordingly.Weaker margins and importance of balanced supplies boost incentive for refiners to adjust output accordingly.

Asia base oils supply outlook: Week of 3 November

<ul><li>Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of supply.</li><li>Firmer Group II prices in markets like India and China relative to FOB Asia cargo prices point to steadier buying interest in those markets.</li><li>Any such buying interest could reflect impact of or concern about tighter supply because of recent or upcoming plant-maintenance work in countries that supply those markets.</li></ul>

Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of supply.Firmer Group II prices in markets like India and China relative to FOB Asia cargo prices point to steadier buying interest in those markets.Any such buying interest could reflect impact of or concern about tighter supply because of recent or upcoming plant-maintenance work in countries that supply those markets.

Asia base oils demand outlook: Week of 3 November

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.</li><li>The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.</li><li>Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.</li></ul>

The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.

Krungthai XSpring Technical Eng. November 3, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 31st. We estimate that they had an aggregated short interest worth USD2.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL, Kasikornbank, CP ALL, Ptt, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 31st. We estimate that they had an aggregated short interest worth USD2.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL, Kasikornbank, CP ALL, Ptt, Advanced Info Service.


Thailand Short Interest Weekly (Oct 31st): Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL

<ul><li>The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.</li><li>The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.</li><li>We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.</li></ul>

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.

Krungthai XSpring Technical Eng. October 31, 2025

Thailand

IRPC PCL produces a variety of petrochemical products including polypropylene, high density polyethylene and expandable polystyrene primarily used in packaging materials. Through its subsidiaries, the Company produces and distributes gasoline, liquefied petroleumgas (LPG), asphalt, as well as electricity and construction materials.

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IRPC PCL (IRPC TB)

Asia base oils supply outlook: Week of 3 November

Asia’s base oils prices extend fall vs gasoil prices, with Group II heavy-grade differentials slipping to lowest since start of Q3 2024. Ongoing...

Base Oil News

Asia base oils demand outlook: Week of 3 November

Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of...

Base Oil News

Krungthai XSpring Technical Eng. November 3, 2025

Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 31st): Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT (PTT TB), Kasikornbank...

Ke Yan, CFA, FRM

Krungthai XSpring Technical Eng. October 31, 2025

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.

Krungthai XSpring

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