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 rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).</li><li>The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.</li><li>Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). </li></ul>

The SET Index is expected to rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). 

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>Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.</li><li>Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.</li><li>FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.</li></ul>

Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.

Global base oils margins outlook: Week of 11 August

<ul><li>US Group III 4cSt base oils price-premium to Group II light grades falls at end-July for first time in three months, before extending dip in August 2025.</li><li>Asia’s Group III 4cSt (low) price-premium to Group II light grades starts trending lower from late-June 2025.</li><li>Europe Group III 4cSt (low) price-premium to Group I and Group II light grades continues to edge higher after protracted slump since early-2023.</li></ul>

US Group III 4cSt base oils price-premium to Group II light grades falls at end-July for first time in three months, before extending dip in August 2025.Asia’s Group III 4cSt (low) price-premium to Group II light grades starts trending lower from late-June 2025.Europe Group III 4cSt (low) price-premium to Group I and Group II light grades continues to edge higher after protracted slump since early-2023.

Global base oils arb outlook: Week of 11 August

<ul><li>Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.</li><li>Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.</li><li>FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.</li></ul>

Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.

Asia base oils supply outlook: Week of 11 August

<ul><li>Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025.</li><li>Blenders could be targeting additional supplies to cover seasonal rise in consumption in final weeks of Q3 2025.</li><li>Stocks could be more balanced than expected because of unusually strong rise in demand at end-Q2 2025.</li></ul>

Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025.Blenders could be targeting additional supplies to cover seasonal rise in consumption in final weeks of Q3 2025.Stocks could be more balanced than expected because of unusually strong rise in demand at end-Q2 2025.

Asia base oils demand outlook: Week of 11 August

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)

KTX Zoom - AUGUST 13, 2025

Greed > fear: US-China trade talks extended by 90 days, and the Fed may start cutting interest rates as early as September

Krungthai XSpring

Global base oils margins outlook: Week of 11 August

Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants...

Base Oil News

Global base oils arb outlook: Week of 11 August

US Group III 4cSt base oils price-premium to Group II light grades falls at end-July for first time in three months, before extending dip in...

Base Oil News

Asia base oils supply outlook: Week of 11 August

Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025. Firm premium...

Base Oil News

Asia base oils demand outlook: Week of 11 August

Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025. Blenders could...

Base Oil News

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