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 spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.</li></ul><ul><li>Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.</li><li>The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.</li></ul>

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.</li>
<li>Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.
Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

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>We are neutral on the energy reform plan pending implementation details.</li><li>Household solar rooftops need sufficient incentives to meet the government's target of 0.5-1.0mn households.</li><li>Direct PPAs will cover all clean-power users, not only data centers, with no MW cap, but still await third-party access and wheeling charges.</li></ul>

We are neutral on the energy reform plan pending implementation details.Household solar rooftops need sufficient incentives to meet the government's target of 0.5-1.0mn households.Direct PPAs will cover all clean-power users, not only data centers, with no MW cap, but still await third-party access and wheeling charges.

Energy (Power): Energy Reform Advances Solar Rooftops and Direct PPAs - Overweight

<ul><li>Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension of those shipments to Europe and the Americas</li></ul><ul><li>Asia's summer surplus is smaller than usual as open arbitrage kept more barrels moving to the Americas and Europe.</li><li>Cargoes that loaded in July and August are now reaching those destinations, partially offsetting tighter US and Middle East supply.</li></ul>

Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension of those shipments to Europe and the AmericasAsia's summer surplus is smaller than usual as open arbitrage kept more barrels moving to the Americas and Europe.Cargoes that loaded in July and August are now reaching those destinations, partially offsetting tighter US and Middle East supply.

Base Oils and Lubricants: Weekly Global Market Review - 18 Sep '26

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PTT (PTT TB)

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance...

Base Oil News

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, FCMA, CGMA

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Energy (Power): Energy Reform Advances Solar Rooftops and Direct PPAs - Overweight

We are neutral on the energy reform plan pending implementation details. Household solar rooftops need sufficient incentives to meet the...

Krungthai XSpring

Base Oils and Lubricants: Weekly Global Market Review - 18 Sep '26

Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance...

Base Oil News

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

​Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, FCMA, CGMA

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Energy (Power): Energy Reform Advances Solar Rooftops and Direct PPAs - Overweight

We are neutral on the energy reform plan pending implementation details. Household solar rooftops need sufficient incentives to meet the...

Krungthai XSpring

Base Oils and Lubricants: Weekly Global Market Review - 18 Sep '26

Asian base oils exports have reduced the summer surplus in the region, with recovering demand and upcoming maintenance complicating any extension...

Base Oil News

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...