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. 

<ul><li>The SET Index is expected to move sideways today, with the support at 1,236/1,231 points and the resistance at 1,252 points (EMA50wk) and 1,267 points.</li><li>External factors are seen as neutral following differing announcements on trade progress between India and South Korea with the US, reflecting varying strategic ties with the US.</li><li>Although the Fed has delivered a firmer signal against rushing into rate cuts, the impact on markets is expected to be limited.  </li></ul>

The SET Index is expected to move sideways today, with the support at 1,236/1,231 points and the resistance at 1,252 points (EMA50wk) and 1,267 points.External factors are seen as neutral following differing announcements on trade progress between India and South Korea with the US, reflecting varying strategic ties with the US.Although the Fed has delivered a firmer signal against rushing into rate cuts, the impact on markets is expected to be limited.  

<ul><li>The SET Index is expected to move sideways today, with the support levels at 1,230/1,220 points and the resistance at 1,242/1,250 points (50-week EMA).</li><li>External factors are neutral — although global markets declined, this is likely due to profit-taking ahead of the upcoming Fed meeting and the release of 1Q25 GDP figures for the US and EU tonight.</li><li>Meanwhile, there is a positive development from the IMF, which raised its global economic growth forecasts for 2025- 26E by 0.2 ppts and 0.1 ppts, respectively, based on expectations of lower US tariffs. </li></ul>

The SET Index is expected to move sideways today, with the support levels at 1,230/1,220 points and the resistance at 1,242/1,250 points (50-week EMA).External factors are neutral — although global markets declined, this is likely due to profit-taking ahead of the upcoming Fed meeting and the release of 1Q25 GDP figures for the US and EU tonight.Meanwhile, there is a positive development from the IMF, which raised its global economic growth forecasts for 2025- 26E by 0.2 ppts and 0.1 ppts, respectively, based on expectations of lower US tariffs. 

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 heavy-grade base oils prices hold at elevated levels vs Singapore gasoil, even if lower than in Q2 2025.</li><li>Firm heavy-grade margins sustain incentive for refiners to maintain output, even amid signs of pick-up in surplus supplies.</li><li>Asia’s Group II heavy-grade prices hold at levels that keep open arbitrage from US and keep shut arbitrage to Americas.</li></ul>

Asia’s heavy-grade base oils prices hold at elevated levels vs Singapore gasoil, even if lower than in Q2 2025.Firm heavy-grade margins sustain incentive for refiners to maintain output, even amid signs of pick-up in surplus supplies.Asia’s Group II heavy-grade prices hold at levels that keep open arbitrage from US and keep shut arbitrage to Americas.

Asia base oils supply outlook: Week of 28 July

<ul><li>India’s imported Group I heavy neutrals base oils cargo price strengthens relative to FOB Asia and Europe prices in July 2025.</li><li>India’s rising price-differential for Group I SN 500 follows drop in availability of the supplies from Iran especially in recent months.</li><li>India’s imports of Group I heavy neutrals fall to eighteen-month low in June 2025, mostly because of drop in supplies from Middle East.</li></ul>

India’s imported Group I heavy neutrals base oils cargo price strengthens relative to FOB Asia and Europe prices in July 2025.India’s rising price-differential for Group I SN 500 follows drop in availability of the supplies from Iran especially in recent months.India’s imports of Group I heavy neutrals fall to eighteen-month low in June 2025, mostly because of drop in supplies from Middle East.

Global base oils arb outlook: Week of 28 July

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 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

KTX Zoom - JULY 31, 2025

The SET Index is expected to move sideways today, with the support at 1,236/1,231 points and the resistance at 1,252 points (EMA50wk) and 1,267...

Krungthai XSpring

KTX Zoom - JULY 30, 2025

The SET Index is expected to move sideways today, with the support levels at 1,230/1,220 points and the resistance at 1,242/1,250 points (50-week...

Krungthai XSpring

Asia base oils supply outlook: Week of 28 July

Asia’s heavy-grade base oils prices hold at elevated levels vs Singapore gasoil, even if lower than in Q2 2025. Firm heavy-grade margins sustain...

Base Oil News

Global base oils arb outlook: Week of 28 July

India’s imported Group I heavy neutrals base oils cargo price strengthens relative to FOB Asia and Europe prices in July 2025. India’s rising...

Base Oil News

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