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>Base oils prices extend rise vs feedstock/competing fuel prices in Asia and Europe, pointing to tighter supply-demand fundamentals.</li><li>US base oils premium to VGO/heating oil stays in narrower range, lagging rise in Asia and Europe.</li><li>Dynamic points to diverging fundamentals between US and other regions.</li></ul>

Base oils prices extend rise vs feedstock/competing fuel prices in Asia and Europe, pointing to tighter supply-demand fundamentals.US base oils premium to VGO/heating oil stays in narrower range, lagging rise in Asia and Europe.Dynamic points to diverging fundamentals between US and other regions.

Global base oils margins outlook: Week of 10 March

<ul><li>Asia’s base oils prices extend rise vs feedstock/gasoil prices.</li><li>Rising margins point to increasingly tight supply-demand fundamentals, incentivizing refiners to maximise output.</li><li>Incentive to maximise output coincides with closed arbitrage from Asia to other markets, and signs of steady flows from other regions to Asia.</li></ul>

Asia’s base oils prices extend rise vs feedstock/gasoil prices.Rising margins point to increasingly tight supply-demand fundamentals, incentivizing refiners to maximise output.Incentive to maximise output coincides with closed arbitrage from Asia to other markets, and signs of steady flows from other regions to Asia.

Asia base oils supply outlook: Week of 10 March

<ul><li>Asia’s base oils demand could be steadier, with blenders likely to have already secured supplies required to cover seasonal pick-up in demand over coming weeks.</li><li>Recent moves to replenish stocks added to demand and tightened supply.</li><li>Demand could ease following completion of those moves.</li></ul>

Asia’s base oils demand could be steadier, with blenders likely to have already secured supplies required to cover seasonal pick-up in demand over coming weeks.Recent moves to replenish stocks added to demand and tightened supply.Demand could ease following completion of those moves.

Asia base oils demand outlook: Week of 10 March

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.

Technical Analysis

<ul><li>The market was disappointed by China's unclear economic stimulus measures, leading the SET to decline despite gains in DELTA, GULF, and ADVANC, which could not withstand the selling pressure, particularly in the PTT Group, SCC, and petroleum shares.</li><li>The index approached 1,480 points before swinging back down as selling pressure persisted.</li><li>We have not changed our view on the index, expecting it to bounce up to the 1,500-point level; thus, we recommend buying on weakness.</li></ul>

The market was disappointed by China's unclear economic stimulus measures, leading the SET to decline despite gains in DELTA, GULF, and ADVANC, which could not withstand the selling pressure, particularly in the PTT Group, SCC, and petroleum shares.The index approached 1,480 points before swinging back down as selling pressure persisted.We have not changed our view on the index, expecting it to bounce up to the 1,500-point level; thus, we recommend buying on weakness.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and the support at 1,423/1,417 points.</li><li>However, we recommend gradually selling on the rise to mitigate risk, particularly if the Fed does not signal an interest rate cut as anticipated by the market.</li><li>In view of the ongoing strength of the US economy, we anticipate that the Fed will cut the fed funds rate by an additional 25 bps for the remainder of 2024E.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and the support at 1,423/1,417 points.However, we recommend gradually selling on the rise to mitigate risk, particularly if the Fed does not signal an interest rate cut as anticipated by the market.In view of the ongoing strength of the US economy, we anticipate that the Fed will cut the fed funds rate by an additional 25 bps for the remainder of 2024E.

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)

Global base oils margins outlook: Week of 10 March

Base oils prices extend rise vs feedstock/competing fuel prices in Asia and Europe, pointing to tighter supply-demand fundamentals. US base oils...

Base Oil News

Asia base oils supply outlook: Week of 10 March

Asia’s base oils prices extend rise vs feedstock/gasoil prices. Rising margins point to increasingly tight supply-demand fundamentals,...

Base Oil News

Asia base oils demand outlook: Week of 10 March

Asia’s base oils demand could be steadier, with blenders likely to have already secured supplies required to cover seasonal pick-up in demand over...

Base Oil News

Technical Analysis

The market was disappointed by China's unclear economic stimulus measures, leading the SET to decline despite gains in DELTA, GULF, and ADVANC,...

Krungthai XSpring

US FOMC Meeting

Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and the support at 1,423/1,417...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)