Kasikorn Securities noted that crude oil prices rebounded strongly due to geopolitical tensions and supply concerns. Dubai crude and naphtha prices rose 6% and 4% week on week respectively, after the United States prepared to tighten sanctions on Iran and Russian crude exports declined following Ukrainian attacks on energy infrastructure. This benefited PTTEP from higher crude prices, while oil refiners faced pressure from Singapore GRM, which fell 7% week on week to 25.7 US dollars per barrel, as gasoline spreads weakened after China relaxed fuel export restrictions. Petrochemical producers were pressured by significantly higher naphtha costs, with aromatics product spreads down 6 to 55% week on week and combined PET and PTA margins down 3% week on week, while PP spreads improved 8% week on week. Crude oil prices are expected to remain elevated amid ongoing supply disruptions, but GRM needs to be monitored closely to assess demand risks.
PTT Exploration and Production Public Company LimitedHigher crude prices due to supply concerns benefit PTTEP's upstream operations.
