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 US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

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>More Group II cargoes load from Taiwan before heading to southeast Asia</li><li>Cargo loads from South Korea bound for US, following slowdown in such flows</li><li>Several US cargoes set to reach Nigeria in coming week</li></ul>

More Group II cargoes load from Taiwan before heading to southeast AsiaCargo loads from South Korea bound for US, following slowdown in such flowsSeveral US cargoes set to reach Nigeria in coming week

Global Base Oils Cargo Flows: Week To 16 January

<ul>
<li>Wave of cargoes load from Taiwan since start of January, with a larger share of the shipments consisting of heavy grades.</li>
<li>Large cargo from Taiwan heads to India, set to arrive next week.</li>
<li>Cargo loads from Taiwan at end-Dec 2025 before heading to Europe, set to arrive in early-Feb 2026.</li>
</ul>


Wave of cargoes load from Taiwan since start of January, with a larger share of the shipments consisting of heavy grades.
Large cargo from Taiwan heads to India, set to arrive next week.
Cargo loads from Taiwan at end-Dec 2025 before heading to Europe, set to arrive in early-Feb 2026.


Global Base Oils Cargo Flows: Week To 9 January

<ul><li>Asia’s base oils prices extend steep fall vs gasoil prices.</li><li>Weaker outright prices compound the drop.</li><li>Sliding price-differentials, combined with increasingly firm diesel premium to crude oil, increase pressure on refiners to adjust output in response.</li></ul>

Asia’s base oils prices extend steep fall vs gasoil prices.Weaker outright prices compound the drop.Sliding price-differentials, combined with increasingly firm diesel premium to crude oil, increase pressure on refiners to adjust output in response.

Asia base oils supply outlook: Week of 10 November

<ul><li>Asia’s base oils demand likely to stay muted.</li><li>Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock in additional volumes.</li><li>Seasonal slowdown could limit immediate impact of any adjustment in base oils output because of lower margins.</li></ul>

Asia’s base oils demand likely to stay muted.Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock in additional volumes.Seasonal slowdown could limit immediate impact of any adjustment in base oils output because of lower margins.

Asia base oils demand outlook: Week of 10 November

India

Savita Oil Technologies is an Indian manufacturer of specialty petroleum products, including transformer oils, white oils, liquid paraffins, and automotive and industrial lubricants. The company also operates a renewable energy division with wind power plants. It is headquartered in Mumbai, Maharashtra, India, and was founded in 1961.

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Savita Oil Technologies (STEC IN)

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Global Base Oils Cargo Flows: Week To 16 January

More Group II cargoes load from Taiwan before heading to southeast. Asia.Cargo loads from South Korea bound for US, following slowdown in such flows

Base Oil News

Global Base Oils Cargo Flows: Week To 9 January

Wave of cargoes load from Taiwan since start of January, with a larger share of the shipments consisting of heavy grades. Large cargo from Taiwan...

Base Oil News

Asia base oils supply outlook: Week of 10 November

Asia’s base oils prices extend steep fall vs gasoil prices. Weaker outright prices compound the drop. Sliding price-differentials, combined with...

Base Oil News

Asia base oils demand outlook: Week of 10 November

Asia’s base oils demand likely to stay muted. Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)