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 continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.</li><li>From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).</li><li>External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. 

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 extend fall vs competing/feedstock prices following surge in crude oil prices.</li><li>Rising diesel premium to crude oil magnifies pressure on base oils prices.</li><li>Speed of fall in base oils price differentials suggests surge in crude prices rather than weaker supply-demand fundamentals is key factor driving lower margins.</li></ul>

Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices.Rising diesel premium to crude oil magnifies pressure on base oils prices.Speed of fall in base oils price differentials suggests surge in crude prices rather than weaker supply-demand fundamentals is key factor driving lower margins.

Global base oils margins outlook: Week of 23 June

<ul><li>Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.</li><li>Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.</li><li>Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.</li></ul>

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.

Global base oils arb outlook: Week of 23 June

<ul><li>Asia’s base oils price-premium to competing/feedstock prices extends fall to five-month low.</li><li>Lower margins coincide with improving supply in Asia as more plant-maintenance draws to a close.</li><li>Improving supply and seasonal slowdown in demand could curb refiners’ leverage to target higher prices to reverse recent drop in margins.</li></ul>

Asia’s base oils price-premium to competing/feedstock prices extends fall to five-month low.Lower margins coincide with improving supply in Asia as more plant-maintenance draws to a close.Improving supply and seasonal slowdown in demand could curb refiners’ leverage to target higher prices to reverse recent drop in margins.

Asia base oils supply outlook: Week of 23 June

<ul><li>Asia’s base oils demand could be firmer than usual for the time of year as higher crude oil prices and growing concern about supply disruptions counter weaker supply-demand fundamentals.</li><li>Demand for Group I heavy neutrals and Group III base oils especially could get support from concern that any supply disruptions would have more direct impact on those products.</li><li>Concern about tighter supply of Group I heavy neutrals could support stronger demand for Group II heavy grades as an alternative.</li></ul>

Asia’s base oils demand could be firmer than usual for the time of year as higher crude oil prices and growing concern about supply disruptions counter weaker supply-demand fundamentals.Demand for Group I heavy neutrals and Group III base oils especially could get support from concern that any supply disruptions would have more direct impact on those products.Concern about tighter supply of Group I heavy neutrals could support stronger demand for Group II heavy grades as an alternative.

Asia base oils demand outlook: Week of 23 June

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.

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Thai Oil Pcl (TOP TB)

KTX Zoom - JUNE 23, 2025

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.

Krungthai XSpring

Global base oils margins outlook: Week of 23 June

Global base oils prices extend fall vs competing/feedstock prices following surge in crude oil prices. Rising diesel premium to crude oil...

Base Oil News

Global base oils arb outlook: Week of 23 June

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil...

Base Oil News

Asia base oils supply outlook: Week of 23 June

Asia’s base oils price-premium to competing/feedstock prices extends fall to five-month low. Lower margins coincide with improving supply in Asia...

Base Oil News

Asia base oils demand outlook: Week of 23 June

Asia’s base oils demand could be firmer than usual for the time of year as higher crude oil prices and growing concern about supply disruptions...

Base Oil News

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