crude which provided high yield of Jet fuel and Diesel was left in a state of oversupply. 12 Management Discussion and Analysis of Business Operation for Q1/2020 Bangchak Corporation Plc. | Crack Spreads

pandemic, leaving demand for finished product, especially Jet fuel decline significantly. Thus leaving Light crude, which provided high yield of Jet fuel and Diesel fuel was left in a state of oversupply

product and reference crude price crack spreads adjusted downward from the supply surplus. Average Gasoline Dubai crack spread (UNL95/DB) decreased 72%, and the average Jet (Kerosene) to Dubai crack spread

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run

. 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

crack spread between GO and Dubai crude by 13% from the previous quarter. As well as the Jet (Kerosene) and Dubai crack spread that increased 21% from the previous quarter. Management Discussion and

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

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