In today’s briefing:
- MakeMyTrip Placement – Basically a Selldown by Trip.com
- Chinese Tea Chain: An Impromptu Snapshot Visit at Sunac Mall – Mixue, Chagee, Goodme, ChaPanda
- Weekly Update (WBD, STRZ, MODG)
- Global base oils margins outlook: Week of 16 June
- [US Nat Gas Options Weekly 2025/24] Henry Hub Slips on Tepid Demand and Subdued Export Flows
- [US Crude Oil Options Weekly 2025/24] WTI Surged on Mideast Tensions and U.S.-China Trade Optimism
- Asia base oils supply outlook: Week of 16 June
- PBSV: Margins Increase and Profitability Returns
- Americas/EMEA base oils demand outlook: Week of 16 June
- Americas/EMEA base oils supply outlook: Week of 16 June
MakeMyTrip Placement – Basically a Selldown by Trip.com
- Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
- The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Chinese Tea Chain: An Impromptu Snapshot Visit at Sunac Mall – Mixue, Chagee, Goodme, ChaPanda
- We recently visited Guangzhou city, a tier one city in China, on a vacation trip.
- One of the malls that we visited happened to have several listed tea chain stores.
- We took a snapshot of the shop traffic and noted the difference in locations of various stores. We also ordered tea drinks from two of these stores.
Weekly Update (WBD, STRZ, MODG)
Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.
Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)…
CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.
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 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.
[US Nat Gas Options Weekly 2025/24] Henry Hub Slips on Tepid Demand and Subdued Export Flows
- For the week ending 13/Jun, U.S. natural gas prices fell by 5.4% on the back of mild near-term demand, softening LNG exports, and rising storage levels.
- For the week ending 06/Jun, the EIA reported that U.S. natural gas inventories rose by 109 Bcf, higher than analyst expectations of a 108 Bcf build.
- Henry Hub OI PCR inched up by 0.86 on 13/Jun compared to 0.85 on 06/Jun. Call OI increased by 4.3% WoW, while put OI grew by 5.5%.
[US Crude Oil Options Weekly 2025/24] WTI Surged on Mideast Tensions and U.S.-China Trade Optimism
- WTI futures surged by 13% for the week ending 13/Jun on the back of rising geopolitical tensions in the Middle East and easing trade tensions between the U.S. and China.
- The U.S. rig count fell by four to 555. The oil rig count fell by three to 439, while gas rigs inched down by one to 113.
- WTI OI PCR grew to 0.89 on 13/Jun compared to 0.83 on 06/Jun. Call OI rose by 5.9% WoW, while put OI grew by 14.5%.
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 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.
PBSV: Margins Increase and Profitability Returns
- Pharma-Bio Serv(PBSV) Company Sponsored Research Report
Americas/EMEA base oils demand outlook: Week of 16 June
- US base oils demand could get support from expectations of steady-to-higher prices following surge in crude oil prices.
- Weakening supply-demand fundamentals previously put pressure on adjustment in base oils prices to reflect that dynamic.
- Concern about exposure to lower prices incentivized buyers to limit their procurement plans.
Americas/EMEA base oils supply outlook: Week of 16 June
- US base oils margins fall as crude and heating oil prices surge.
- Margins had previously been trending lower slowly.
- Steady-to-lower margins coincided with muted domestic demand and improving supply fundamentals following completion of most plant maintenance work.
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