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, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.</li><li>The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.</li><li>We expect the index to test the 1,500 resistance, supported by positive indicator signals.</li></ul>

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.We expect the index to test the 1,500 resistance, supported by positive indicator signals.

Krungthai XSpring Technical Eng. April 9, 2026

<ul><li>The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.</li><li>The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.</li><li>Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.</li></ul>

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.

Krungthai XSpring Zoom Eng. April 8, 2026

<ul><li>The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.</li><li>We recommend buying on weakness, as the index has the potential to rebound quickly.</li><li>Many global markets were closed for Good Friday.</li></ul>

The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.We recommend buying on weakness, as the index has the potential to rebound quickly.Many global markets were closed for Good Friday.

Krungthai XSpring Technical Eng. April 7, 2026

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>Middle East supply disruptions are proving structural rather than temporary, with lubricants prices facing significant increases</li><li>India's base oils supply fell to an eighteen-month low in February, cutting inventories ahead of peak seasonal demand as disruptions complicated restocking</li><li>Europe's January Group II supply rose to a five-month high, building a buffer that helped cushion the initial impact of disruptions</li></ul>

Middle East supply disruptions are proving structural rather than temporary, with lubricants prices facing significant increasesIndia's base oils supply fell to an eighteen-month low in February, cutting inventories ahead of peak seasonal demand as disruptions complicated restockingEurope's January Group II supply rose to a five-month high, building a buffer that helped cushion the initial impact of disruptions

Base Oils and Lubricants: Weekly Global Market Review - 2 Apr '26

<ul><li>A larger-than-usual cargo with a combination of light- and heavy-grade Group II base oils was set to load from Taiwan in early-April, with India the likely destination.</li><li>The large shipment and a surge in flows in second-half March pointed to a muted impact so far from any feedstock supply issues.</li><li>Cargo of Group III base oils loaded from Indonesia in late March before heading to northwest Europe, set to arrive around mid-May.</li></ul>

A larger-than-usual cargo with a combination of light- and heavy-grade Group II base oils was set to load from Taiwan in early-April, with India the likely destination.The large shipment and a surge in flows in second-half March pointed to a muted impact so far from any feedstock supply issues.Cargo of Group III base oils loaded from Indonesia in late March before heading to northwest Europe, set to arrive around mid-May.

Global Base Oils Cargo Flows: Week To 2 April

Thailand

IRPC is a leading integrated petroleum and petrochemical company, operating the first fully integrated petrochemical complex in Southeast Asia. It refines oil and produces petrochemical products, including various plastic resins, olefins, aromatics, lubricants, and asphalt, serving diverse industries. The company's operations are primarily located in Rayong Province, Thailand, and it was founded in 1978.

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IRPC (IRPC-R TB)

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 7, 2026

We recommend buying on weakness, as the index has the potential to rebound quickly. Many global markets were closed for Good Friday.

Krungthai XSpring

Base Oils and Lubricants: Weekly Global Market Review - 2 Apr '26

Middle East supply disruptions are proving structural rather than temporary, with lubricants prices facing significant increases. India's base oils...

Base Oil News

Global Base Oils Cargo Flows: Week To 2 April

A larger-than-usual cargo with a combination of light- and heavy-grade Group II base oils was set to load from Taiwan in early-April, with India...

Base Oil News

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52-week Range

Market Cap (USDm)

P/E

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