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 1,056/1,045 points and resistance at the 1,076/1,080 points.</li><li>The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).</li><li>The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. 

<ul><li>The recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential supply disruptions.</li><li>However, we assess this to be a short-term impact, as the oil market remains in a state of oversupply.</li><li>Historically, the SET Index tends to respond positively during the first 10-12 days following such geopolitical tensions in the Middle East, moving in line with rising crude oil prices. </li></ul>

The recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential supply disruptions.However, we assess this to be a short-term impact, as the oil market remains in a state of oversupply.Historically, the SET Index tends to respond positively during the first 10-12 days following such geopolitical tensions in the Middle East, moving in line with rising crude oil prices. 

Special Report: Tensions Flare in the Middle East JUNE 16, 2025

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 margins fall as feedstock/competing fuel prices surge.</li><li>Sharp fall in base oils margins reflect impact of higher crude/diesel prices rather than any sudden change in base oils supply-demand fundamentals.</li><li>Fall in base oils margins comes at a time of year when supply-demand fundamentals are already starting to face downward pressure.</li></ul>

Global base oils margins fall as feedstock/competing fuel prices surge.Sharp fall in base oils margins reflect impact of higher crude/diesel prices rather than any sudden change in base oils supply-demand fundamentals.Fall in base oils margins comes at a time of year when supply-demand fundamentals are already starting to face downward pressure.

Global base oils margins outlook: Week of 16 June

<ul><li>US Group III 4cSt base oils price rises in June to highest level in almost nine months.</li><li>US Group III 4cSt price rises relative to Group II base oils, relative to feedstock prices and relative to other regions.</li><li>US Group III price-strength coincides with tighter global Group III supply-demand fundamentals and growing number of signals reflecting those tighter fundamentals.</li></ul>

US Group III 4cSt base oils price rises in June to highest level in almost nine months.US Group III 4cSt price rises relative to Group II base oils, relative to feedstock prices and relative to other regions.US Group III price-strength coincides with tighter global Group III supply-demand fundamentals and growing number of signals reflecting those tighter fundamentals.

Global base oils arb outlook: Week of 16 June

<ul><li>Asia base oils prices slide relative to crude and gasoil prices, triggering fall in margins.</li><li>Size and speed of drop in base oils premium to crude/gasoil complicates production and procurement plans.</li><li>Any signs of crude oil prices holding at more elevated levels for longer, and base oils margins at lower levels for longer, could put pressure on refiners to cut output.</li></ul>

Asia base oils prices slide relative to crude and gasoil prices, triggering fall in margins.Size and speed of drop in base oils premium to crude/gasoil complicates production and procurement plans.Any signs of crude oil prices holding at more elevated levels for longer, and base oils margins at lower levels for longer, could put pressure on refiners to cut output.

Asia base oils supply outlook: Week of 16 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 20, 2025

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.

Krungthai XSpring

Special Report: Tensions Flare in the Middle East JUNE 16, 2025

The recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential...

Krungthai XSpring

Global base oils margins outlook: Week of 16 June

Global base oils margins fall as feedstock/competing fuel prices surge. Sharp fall in base oils margins reflect impact of higher crude/diesel...

Base Oil News

Global base oils arb outlook: Week of 16 June

US Group III 4cSt base oils price rises in June to highest level in almost nine months. US Group III 4cSt price rises relative to Group II base...

Base Oil News

Asia base oils supply outlook: Week of 16 June

Asia base oils prices slide relative to crude and gasoil prices, triggering fall in margins. Size and speed of drop in base oils premium to...

Base Oil News

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