Equity Analysis /
Thailand

TH : Oil & Gas Refinery - Bracing for diesel-led GRM upswing

    CGS-CIMB
    26 March 2022
    Published by

    Strong diesel crack spread should lead to US$8-10/bbl GRM in Mar 22 and US$6-8/bbl in Apr 22 for both TOP and SPRC. Murban crude premium could spike above US$10/bbl on May cargo but multiple supply disruptions should keep diesel crack spread elevated.