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

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

Business Operation for 2Q/2018 Bangchak Corporation Plc. I 7 from the increment in crude oil price and improving crack spread of some products. In this quarter, crude oil price adjusted upward sharply, which

Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB

a historic high rate of 123.5 KBD during this past September. Meanwhile, Operating GRM declined by 1.69 $/BBL from the previous year, which was affected by the crack spread of finished product and

reduced Market GRM, following the decline in refinery production volume due to the TAM, as well as a decrease in average Gasoline/Dubai crack spread and Fuel oil/Dubai crack spread, and the rise in crude

. In 2017, average crude run was recorded at 111.37 KBD, and Bangchak Refinery had its record high of crude run at 121.64 KBD throughout March. Gross refinery margin increased from the widening crack

every finished product and crude oil price crack spreads, with supporting factors ranging from the maintenance of various refineries in North Asia, as well as concerns over supplies tightening after the

2.87 $/BBL, the refining margin still remains on the low side due to the crack spread of finished product and reference crude oil price declining significantly. A result of severe drop in demand for fuel

the COVID-19 outbreak result of crude premium to adjust downward with significance. Despite the finished product and reference crude price crack spread for most products had been declining continuously