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>India’s imported Group II heavy-grade base oils cargo price-premium to FOB prices in US and Asia holds firm and in relatively narrow range in recent weeks.</li><li>Price-spread stays in narrow range as CFR India cargo price tracks lower FOB Asia/US Gulf coast prices.</li><li>CFR India cargo price falls amid pick-up in availability of supplies, boosting buyers’ choice.</li></ul>

India’s imported Group II heavy-grade base oils cargo price-premium to FOB prices in US and Asia holds firm and in relatively narrow range in recent weeks.Price-spread stays in narrow range as CFR India cargo price tracks lower FOB Asia/US Gulf coast prices.CFR India cargo price falls amid pick-up in availability of supplies, boosting buyers’ choice.

Global base oils arb outlook: Week of 1 September

<ul><li>Asia’s base oils prices hold firm versus Singapore gasoil prices.</li><li>Firm base oil margins so far in Q3 2025 point to fundamentals that remain sufficiently balanced and that curb need for lower output levels.</li><li>Firm margins coincide with signs of relatively steady base oils output in early-Q3 2025 even after completion of most plant-maintenance work.</li></ul>

Asia’s base oils prices hold firm versus Singapore gasoil prices.Firm base oil margins so far in Q3 2025 point to fundamentals that remain sufficiently balanced and that curb need for lower output levels.Firm margins coincide with signs of relatively steady base oils output in early-Q3 2025 even after completion of most plant-maintenance work.

Asia base oils supply outlook: Week of 1 September

<ul><li>Asia’s base oils demand could stay more cautious amid expectations of healthy availability of supply, concern about exposure to lower prices.</li><li>Cautious buying would coincide with likely seasonal pick-up in lube consumption in coming weeks.</li><li>Dynamic leaves blenders facing challenge of holding sufficient supplies to meet finished lube demand while maximising benefit of any further fall in base oils prices.</li></ul>

Asia’s base oils demand could stay more cautious amid expectations of healthy availability of supply, concern about exposure to lower prices.Cautious buying would coincide with likely seasonal pick-up in lube consumption in coming weeks.Dynamic leaves blenders facing challenge of holding sufficient supplies to meet finished lube demand while maximising benefit of any further fall in base oils prices.

Asia base oils demand outlook: Week of 1 September

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>With Ft momentum aligning with lower gas costs, Thailand's competitive tariff position with the US, and robust export growth easing concerns over IU demand, the outlook for the power sector remains balanced.</li><li>Additionally, the anticipated downtrend in interest rates should support lower financing costs and improve future returns on project investments.</li><li>The dividend yield gap (vs. the Thai 10Y government bond yield) is also expected to widen, while risks and developments in the power market appear largely priced in.</li></ul>

With Ft momentum aligning with lower gas costs, Thailand's competitive tariff position with the US, and robust export growth easing concerns over IU demand, the outlook for the power sector remains balanced.Additionally, the anticipated downtrend in interest rates should support lower financing costs and improve future returns on project investments.The dividend yield gap (vs. the Thai 10Y government bond yield) is also expected to widen, while risks and developments in the power market appear largely priced in.

Easing Challenges; 3Q Peak Generation; Full-Quarter Uptrend in Capacity Rate

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: 10 stocks remain, four new join the fray</li>
<li>Since inception, it has gained 75% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: 10 stocks remain, four new join the fray
Since inception, it has gained 75% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 50

Thailand

PTT is a Thai state-owned integrated petroleum and natural gas company involved in exploration, production, refining, and marketing of oil and gas, petrochemicals, and electricity generation. It operates extensive submarine gas pipelines and a network of LPG terminals. Headquartered in Bangkok, Thailand, the company was founded in 1978.

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PTT (PTT TB)

Global base oils arb outlook: Week of 1 September

India’s imported Group II heavy-grade base oils cargo price-premium to FOB prices in US and Asia holds firm and in relatively narrow range in...

Base Oil News

Asia base oils supply outlook: Week of 1 September

Asia’s base oils prices hold firm versus Singapore gasoil prices. Firm base oil margins so far in Q3 2025 point to fundamentals that remain...

Base Oil News

Asia base oils demand outlook: Week of 1 September

Asia’s base oils demand could stay more cautious amid expectations of healthy availability of supply, concern about exposure to lower...

Base Oil News

Easing Challenges; 3Q Peak Generation; Full-Quarter Uptrend in Capacity Rate

With Ft momentum aligning with lower gas costs, Thailand's competitive tariff position with the US, and robust export growth easing concerns over...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 50

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: 10 stocks remain, four new join...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)