Thai Oil Stock Falters Amid Lower Crude Prices and Mixed Refinery Margins
Thai Oil Public Company Limited (TH0796010013) is struggling to maintain its performance despite lower crude prices and mixed refinery margins. The company's stock price has been affected by the decline in Brent oil prices, which settled at $89.31 a barrel on August 28, 2026. This decrease in crude prices has put pressure on Thai Oil's input costs.
On August 28, 2026, the Thailand SET index finished with a 0.73% decline, further weakening the market for energy stocks like Thai Oil. The refinery's output is primarily anchored by refined fuels such as diesel and gasoline, making its earnings sensitive to crack spreads, crude prices, and domestic fuel demand.
The recent drop in Brent oil prices has had a significant impact on Thai Oil's stock price, which can be seen as a proxy for the refining sector. With Brent at $89.31 and WTI at $83.40, Thai refineries are facing a mixed cost-revenue setup rather than a clean tailwind.