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 prices recover versus feedstock/competing fuel prices after crude prices fall.</li><li>Firmer base oils price-differentials curb pressure on refiners to adjust output in response to squeezed margins.</li><li>Firmer margins, and easing pressure to adjust output, coincide with prospect of easing supply-demand fundamentals in coming weeks.</li></ul>

Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall.Firmer base oils price-differentials curb pressure on refiners to adjust output in response to squeezed margins.Firmer margins, and easing pressure to adjust output, coincide with prospect of easing supply-demand fundamentals in coming weeks.

Global base oils margins outlook: Week of 30 June

<ul><li>Global Group II heavy-grade base oils prices stay at elevated levels relative to feedstock and competing fuel prices.</li><li>Group II heavy-grade prices maintain steep premium to Group I heavy-neutrals prices in Asia and especially in Europe.</li><li>Group II heavy-grade price-strength extends to markets like India, even with recent strength in Group I prices in that market.</li></ul>

Global Group II heavy-grade base oils prices stay at elevated levels relative to feedstock and competing fuel prices.Group II heavy-grade prices maintain steep premium to Group I heavy-neutrals prices in Asia and especially in Europe.Group II heavy-grade price-strength extends to markets like India, even with recent strength in Group I prices in that market.

Global base oils arb outlook: Week of 30 June

<ul><li>Asia’s base oils prices recover versus gasoil prices as crude oil prices revert to levels in H1 June 2025.</li><li>Recovery in light-grade base oils margins curbs pressure on refiners to adjust output of those supplies.</li><li>Any moves to sustain base oils output at current levels would coincide with completion of most plant-maintenance work in the region.</li></ul>

Asia’s base oils prices recover versus gasoil prices as crude oil prices revert to levels in H1 June 2025.Recovery in light-grade base oils margins curbs pressure on refiners to adjust output of those supplies.Any moves to sustain base oils output at current levels would coincide with completion of most plant-maintenance work in the region.

Asia base oils supply outlook: Week of 30 June

<ul><li>Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.</li><li>Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.</li><li>Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.</li></ul>

Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.

Asia base oils demand outlook: Week of 30 June

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 move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.</li><li>External factors are positive following progress in  US trade negotiations with its partners, raising hopes that some countries may reach trade agreements with the US before the reciprocal tariff grace period ends on July 9 (Thai time).</li><li>However, domestic factors are slightly negative, as the market may lack clear drivers and faces concerns over a planned protest this weekend calling for Prime Minister Paetongtarn’s resignation. </li></ul>

The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.External factors are positive following progress in  US trade negotiations with its partners, raising hopes that some countries may reach trade agreements with the US before the reciprocal tariff grace period ends on July 9 (Thai time).However, domestic factors are slightly negative, as the market may lack clear drivers and faces concerns over a planned protest this weekend calling for Prime Minister Paetongtarn’s resignation. 

KTX Zoom: Progress in Trade Negotiations Expected to Support the Market - JUNE 27, 2025

Thailand

Thai Oil Public Company Limited is an oil refinery company. The Company imports crude oil and refines it into gasoline.  It also produces oil related products including liquefied petroleum gas (LPG), kerosene, fuel oil and chemicals. Thai oil supplies its products to domestic market where its major customers include Shell, Caltex Oil and the Petroleum Authority of Thailand.

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

Thai Oil (TOP-R TB)

Global base oils margins outlook: Week of 30 June

Global base oils prices recover versus feedstock/competing fuel prices after crude prices fall. Firmer base oils price-differentials curb pressure...

Base Oil News

Global base oils arb outlook: Week of 30 June

Global Group II heavy-grade base oils prices stay at elevated levels relative to feedstock and competing fuel prices. Group II heavy-grade prices...

Base Oil News

Asia base oils supply outlook: Week of 30 June

Asia’s base oils prices recover versus gasoil prices as crude oil prices revert to levels in H1 June 2025. Recovery in light-grade base oils...

Base Oil News

Asia base oils demand outlook: Week of 30 June

Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices. Prospect of seasonal...

Base Oil News

KTX Zoom: Progress in Trade Negotiations Expected to Support the Market - JUNE 27, 2025

The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)