บทวิเคราะห์ (Research)

Dubai crude price dropped 4% WoW to US$82.7/bbl last Friday due to expectations of higher US crude production under President Trump’s pro-drilling policies. For the refinery market, gasoline spread plunged 30% WoW to only US$3.7/bbl due to weak regional demand, especially in Indonesia. Jet oil and diesel spreads also softened 5% WoW to US$12.5/bbl and 6% WoW to US$14.4/bbl, respectively, given higher inventories in the Amsterdam-Rotterdam-Antwerp (ARA) hub. However, colder-than-usual temperatures in Western regions are expected to draw down inventories and provide support for Asian crack spreads over the next two months. Meanwhile, we remove Bangchak Sriracha (BSRC.BK/BSRC TB)* from our portfolio of Energy top picks to reflect i) anticipated net loss in 4Q24F, and ii) poor gasoline spread in January as the company has the highest gasoline yield at above 30% in Thailand. Star Petroleum Refining (SPRC.BK/SPRC TB)* remains our Energy top pick.