On Tuesday at 10:59 AM (Bangkok time), the share price of PTT Global Chemical Public Company Limited (SET: PTTGC) surged 2.99% or THB 1.50 to THB 51.75, with a trading value of THB 1.06 billion.
Thai Oil Public Company Limited (SET: TOP) soared by 4.20% or THB 3.00 to THB 74.50, with a trading value of THB 954.90 million.
IRPC Public Company Limited (SET: IRPC) gained 3.42% or THB 0.10 to THB 3.02, with a trading value of THB 243.05 million.
Bangchak Corporation Public Company Limited (SET: BCP) climbed by 0.47% or THB 0.25 to THB 53.50, with a trading value of THB 360.14 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) grew by 0.65% or THB 0.10 to THB 15.40, with a trading value of THB 119.74 million.
KGI Securities (Thailand) has adopted a positive view following the unexpected announcement from Saudi Arabia regarding a significant reduction in the official selling price (OSP) of crude oil for Asian customers in November 2026. The OSP for Arab Light crude destined for Asia will be discounted by $5 per barrel next month, an increase in the discount by $3 per barrel compared to the previous month. This represents the steepest discount since June 2020 and runs counter to market expectations, which had anticipated a price increase.
According to KGI, this pricing adjustment aims to offset the substantial increase in shipping costs and help Saudi Arabia maintain its market share in Asia. The move is expected to benefit Thai refinery stocks, as it lowers feedstock costs, particularly for IRPC, which has significant reliance on Arab Light crude. Other beneficiaries include SPRC, TOP, BCP, and PTTGC.
In related petrochemical markets, the spread of HDPE decreased slightly by 1% week-on-week to $468 per ton from $472, while the PP spread remained stable at $516 per ton. Both spreads remain well above pre-war levels, which had been below $300 per ton, due to tighter polyolefin supply caused by reduced olefins production from naphtha feedstock amid constrained naphtha supply and limited availability of crude oil for crackers.
In the polyester sector, the spread of PET in Asia rose sharply by 36% from the previous week to $106 per ton, up from $78 per ton. However, PET demand is expected to soften seasonally with the approaching winter, potentially putting downward pressure on PET spreads.
Similarly, Krungsri Securities (KSS) added that the price reduction by Saudi Aramco, Saudi Arabia’s national oil company, for Arab Light crude deliveries in November marks a six-year low. The decision is aimed at retaining market share and presents a direct positive factor for Thai refinery operators by reducing crude premium and boosting refining margins.
