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.

Equity Bottom-Up

<ul><li>We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong AI demand and energy stocks as crude oil prices remain elevated.</li><li>Renewed foreign fund inflows should provide additional support as the Thai baht shows signs of appreciation.</li><li>Public hearings have begun on the new draft Power Development Plan (PDP), which emphasizes the transition to clean energy.</li></ul>

We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong AI demand and energy stocks as crude oil prices remain elevated.Renewed foreign fund inflows should provide additional support as the Thai baht shows signs of appreciation.Public hearings have begun on the new draft Power Development Plan (PDP), which emphasizes the transition to clean energy.

Krungthai XSpring Zoom Eng. September 8, 2026

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.</li>
<li>US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.</li>
<li>Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.</li>
</ul>


For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.
US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.
Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.


[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

<ul>
<li>For the week ending 20/Sep, US crude inventories declined by 4.5m barrels, surpassing expectations of a 1.3m barrel drawdown. Gasoline and distillate stockpiles also decreased more than analyst estimates.</li>
<li>US natural gas inventories rise 47 Bcf for the week ending 20/Sep, lower than analyst expectations of a 52 Bcf buildup. Inventories are 7.1% above the 5-year seasonal average.</li>
<li>BP and Shell experienced rating downgrades and target price reductions, while TotalEnergies and Exxon Mobil saw upward revisions in their target prices.</li>
</ul>


For the week ending 20/Sep, US crude inventories declined by 4.5m barrels, surpassing expectations of a 1.3m barrel drawdown. Gasoline and distillate stockpiles also decreased more than analyst estimates.
US natural gas inventories rise 47 Bcf for the week ending 20/Sep, lower than analyst expectations of a 52 Bcf buildup. Inventories are 7.1% above the 5-year seasonal average.
BP and Shell experienced rating downgrades and target price reductions, while TotalEnergies and Exxon Mobil saw upward revisions in their target prices.


[ETP 2024/39] WTI Prices Slip as Supply Concerns Ease; Nat-Gas Soars on Strong Demand Expectations

<ul>
<li>For the week ending 13/Sep, US crude inventories dropped by 1.6m barrels, surpassing the expected 0.2m barrel decline. Gasoline stockpiles grew less than forecasted, while distillate inventories rose more.</li>
<li>US natural gas inventories rise 58 Bcf for the week ending 13/Sep, more than analyst expectations of a 53 Bcf buildup. Inventories are 8.6% above the 5-year seasonal average.</li>
<li>Chevron, Occidental Petroleum, and Exxon Mobil see target price cuts. DBS Bank initiated a Buy rating on Schlumberger and Halliburton.</li>
</ul>


For the week ending 13/Sep, US crude inventories dropped by 1.6m barrels, surpassing the expected 0.2m barrel decline. Gasoline stockpiles grew less than forecasted, while distillate inventories rose more.
US natural gas inventories rise 58 Bcf for the week ending 13/Sep, more than analyst expectations of a 53 Bcf buildup. Inventories are 8.6% above the 5-year seasonal average.
Chevron, Occidental Petroleum, and Exxon Mobil see target price cuts. DBS Bank initiated a Buy rating on Schlumberger and Halliburton.


[ETP 2024/38] Oil Rises on Fed Rate Cut and Geopolitics; Nat-Gas Gains on Warmer Forecasts

<ul>
<li>For the week ending 06/Sept, US crude inventories increased by 0.8m barrels, lower than the 0.9m barrel forecast. Gasoline stockpiles rose unexpectedly, while distillate inventories grew more than anticipated.</li>
<li>US natural gas inventories rise 40 Bcf for the week ending 06/Sep, lower than analyst expectations of a 49 Bcf buildup. Inventories are 9.6% above the 5-year seasonal average.</li>
<li>BP, Occidental Petroleum, and Exxon Mobil see target price cuts. Schlumberger announces breakthrough in Lithium production.</li>
</ul>


For the week ending 06/Sept, US crude inventories increased by 0.8m barrels, lower than the 0.9m barrel forecast. Gasoline stockpiles rose unexpectedly, while distillate inventories grew more than anticipated.
US natural gas inventories rise 40 Bcf for the week ending 06/Sep, lower than analyst expectations of a 49 Bcf buildup. Inventories are 9.6% above the 5-year seasonal average.
BP, Occidental Petroleum, and Exxon Mobil see target price cuts. Schlumberger announces breakthrough in Lithium production.


[ETP 2024/37] Oil Prices Rebound but Weak Demand Limits Gains, Nat-Gas Rises on Output Cuts

Saudi Arabia

Saudi Arabian Oil Co., doing business as Saudi Aramco, operates as an oil exploration company. The Company focuses on hydrocarbons exploration, production, refining, distribution, and shipping, as well as provides crude oil marketing services. Saudi Aramco serves customers worldwide.

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

Saudi Aramco (ARAMCO AB)

Krungthai XSpring Zoom Eng. September 8, 2026

We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong...

Krungthai XSpring

[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

WTI rose amid heightened supply concerns after Iran's missile attacks on Israel, yet long-term demand worries persist. US nat-gas reached a 16-week...

Mint Finance

[ETP 2024/39] WTI Prices Slip as Supply Concerns Ease; Nat-Gas Soars on Strong Demand Expectations

WTI reversed gains as supply disruptions eased amid persistent demand worries. In contrast, nat-gas prices surged on expectations of strong demand...

Mint Finance

[ETP 2024/38] Oil Rises on Fed Rate Cut and Geopolitics; Nat-Gas Gains on Warmer Forecasts

Oil prices are rising as demand prospects improve. Natural gas prices recovered due to warmer weather forecasts. TotalEnergies received a target...

Mint Finance

[ETP 2024/37] Oil Prices Rebound but Weak Demand Limits Gains, Nat-Gas Rises on Output Cuts

Oil prices rise on Hurricane impact but weak demand caps gains. Nat-gas prices rise on warmer weather forecasts and production cuts. BP,...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)