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  1. #1
    Mid
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    Thai Oil Plc : Oil price to go down soon

    Oil price to go down soon
    Santibhap Ussavasodhi



    BANGKOK, 9 March 2011 (NNT) The global oil price is anticipated to move down gradually within the next few weeks thanks to a steady situation in the Middle East as well as a warmer climate, according to domestic oil refinery and retailer Thai Oil Plc.

    Thai Oil Plc CEO Surong Bulakul expected that the oil price is likely to decrease soon as political unrest in the Middle East seems to ease off while riots in Libya do not go beyond the estimation of people and analysts. Warmer weather is another positive factor for the crude oil price reduction.

    The CEO believed the ongoing political violence in the Middle East would not spread into Saudi Arabia, which is one of the giant oil producers of the world. He also hoped that further chaos would not be instigated in other countries.

    According to Mr Surong, the Dubai Crude currently stands at 110 US dollars per barrel while the Gross Refining Margin is at a satisfying level of 5 US dollars a barrel.

    The CEO forecasted the oil price would not fall lower than 90 US dollars a barrel within next 1-2 months as a result of speculative behaviors of Hedge Fund Group (HFG).

    thainews.prd.go.th

  2. #2
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    Don't know how this compares to other countries, but New Zealand's price today for 91 petrol/gasoline it is $2.18 per litre, that is 48.4 baht.
    I think it reached 2.01 once before when i was there - of course Egypt/Libya to blame (!)

  3. #3
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    Thai Oil is very vulnerable to short term prices in the world oil market. They buy on the spot market barely 30 days in advance.
    TH

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