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.

A full service Thai brokerage

Curator’s Cut: Debt Gets Dearer, Diesel Runs Dry & Strategic Stakes Come Undone

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

China Energy / Thematic (Sector/Industry)

<ul>
<li>Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.</li>
<li>This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.</li>
<li>Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.</li>
</ul>


Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.
This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.
Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.


Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk