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>Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more than five years.</li><li>Similar price-spreads in all those markets contrast with diverging fundamentals driving those similar price-spreads, especially in Europe.</li><li>Similar price-spreads in US vs other markets follow sustained weakness of US heavy-grade prices because of persistent surplus supply.</li></ul>

Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more than five years.Similar price-spreads in all those markets contrast with diverging fundamentals driving those similar price-spreads, especially in Europe.Similar price-spreads in US vs other markets follow sustained weakness of US heavy-grade prices because of persistent surplus supply.

Global base oils arb outlook: Week of 4 August

<ul><li>Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024.</li><li>Lower heavy-grade base oils margins and falling regional cargo price point to weaker supply-demand fundamentals.</li><li>Even at lower level, price-premium remains at level that incentivizes refiners to maintain steady output of the product.</li></ul>

Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024.Lower heavy-grade base oils margins and falling regional cargo price point to weaker supply-demand fundamentals.Even at lower level, price-premium remains at level that incentivizes refiners to maintain steady output of the product.

Asia base oils supply outlook: Week of 4 August

<ul><li>Global base oils prices mostly fall relative to feedstock/competing fuel prices, with export values under more pressure.</li><li>Even at lower levels, price-differentials mostly hold at levels that sustain incentive for refiners to maintain output of most base oils grades.</li><li>FOB Asia base oils cargo prices hold steady versus Singapore gasoil.</li></ul>

Global base oils prices mostly fall relative to feedstock/competing fuel prices, with export values under more pressure.Even at lower levels, price-differentials mostly hold at levels that sustain incentive for refiners to maintain output of most base oils grades.FOB Asia base oils cargo prices hold steady versus Singapore gasoil.

Global base oils margins outlook: Week of 4 August

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 Index is expected to weaken today and could see a sharp pullback if it breaks below the support levels at 1,214 points (10-day EMA) and 1,204 points, respectively.</li><li>A drop below these levels would trigger a sell signal, with the next supports at 1,192 points (25-week EMA) and 1,181 points (25-day EMA).</li><li>Conversely, the index would generate a buy signal if it breaks above the resistance at 1,238 points (200-day EMA), with the next resistance level at 1,255 points. </li></ul>

The SET Index is expected to weaken today and could see a sharp pullback if it breaks below the support levels at 1,214 points (10-day EMA) and 1,204 points, respectively.A drop below these levels would trigger a sell signal, with the next supports at 1,192 points (25-week EMA) and 1,181 points (25-day EMA).Conversely, the index would generate a buy signal if it breaks above the resistance at 1,238 points (200-day EMA), with the next resistance level at 1,255 points. 

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 Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.</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, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.
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, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.


Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

Thailand

PTT Public Company Limited operates as an oil and gas company. The Company produces, transports, and sells natural gas, crude oil, lubricants, aviation and marine, and petrochemical products. PTT offers fleet cards, storage, electronic bill presentment, and other related services. PTT serves customers in Thailand.

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PTT PCL (PTT TB)

Global base oils arb outlook: Week of 4 August

Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more...

Base Oil News

Asia base oils supply outlook: Week of 4 August

Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024. Lower heavy-grade base oils...

Base Oil News

Global base oils margins outlook: Week of 4 August

Global base oils prices mostly fall relative to feedstock/competing fuel prices, with export values under more pressure. Even at lower levels,...

Base Oil News

KTX Zoom - AUGUST 4, 2025

The SET Index is expected to weaken today and could see a sharp pullback if it breaks below the support levels at 1,214 points (10-day EMA) and...

Krungthai XSpring

Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

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

Ke Yan, CFA, FRM

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