plunged in December 2019 hitting a minimum record of 300,000 tons in year 2019, attributed to the lower crude palm oil output driven by the country’ s drought-affected area. In contrast, crude palm oil

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

to an inventory gain of THB 856 million. However, there was a loss from crude and product oil price hedging contract at THB 75 million. Furthermore, the refinery planned to manage the stocks of

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

the same period of 2018, with a net loss of 2.788 million baht, representing an increase in net profit of 4.110 million baht or 147.42 percent, consisting of net profit of palm oil trading business 1.76

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

02-943-7740 income Jan - Mar 2019 Jan-Mar 2018 (started business on October 1, 2018) Increase (decrease) Million baht percent 1. Crude palm oil CPOA 319.25 - 319.25 100.00 2. oil Refinery 34.19 34.19