To break or not to break: Evidence from price discovery process of Thai stocks during the pre-opening of each trading session To break or not to break Evidence from price discovery process of Thai
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
. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited
). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading
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
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
Rule”). Currently, the Company focus on the business expansion of the crude palm oil (CPOA) trading business for biodiesel as there is a high potential growth and will partially conducting a trading CPOA
). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to
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
affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and