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Expectations of renewed diplomatic progress weakened over the weekend after U.S. President Donald Trump cancelled a planned Islamabad visit by his envoys Steve Witkoff and Jared Kushner. This came even as Iranian Foreign Minister Abbas Araqchi arrived in Pakistan.

Crude oil price on April 27

Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, touching their highest level since April 7. U.S. West Texas Intermediate crude advanced $1.77, or 1.88%, to $96.17 a barrel.Last week, Brent posted a nearly 17% rise, while WTI gained close to 13%, marking their biggest weekly advances since the war began.

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Iran has continued to demand that vessels seek its approval before transiting the Strait of Hormuz, while Trump said the U.S. has “total control” over the waterway. Meanwhile, the U.S. Navy has maintained a blockade aimed at Iranian ports and vessels.
Goldman Sachs raised its fourth-quarter oil price forecasts to $90 a barrel for Brent crude and $83 for WTI, citing reduced Middle East output.
“The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock,” Reuters reported, citing Goldman Sachs analysts.
According to a Haitong Futures note cited by Reuters, the current ceasefire phase increasingly looks like a build-up to further conflict. It added that if U.S.-Iran talks fail to deliver meaningful progress by the end of April and hostilities resume, oil prices could move to fresh highs for the year.

Macquarie estimates crude prices may stay supported in the $85 to $90 range in the near term, with a gradual rise toward $110 as supply conditions improve. It also warned that prolonged disruptions through April could send Brent as high as $150 per barrel.

Nuvama Institutional Equities said an extended closure of the Strait of Hormuz, which handles around 20 million barrels per day, could push crude prices into the $110 to $150 range.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Thailand has a strong petrochemical industry supporting manufacturing but relies heavily on chemical imports. Key suppliers like Chandra Asri Group and Aster provide essential chemicals for various sectors.

Key Points

• Thailand is a key player in Southeast Asia’s chemical industry, boasting the region’s second-largest petrochemical sector. Despite producing 32 million tons of chemicals annually, Thailand’s reliance on imports necessitates strong local suppliers to meet domestic needs. The industry supports various sectors, including textiles, automotive, and electronics.
• In 2024, Thailand exported $14.3 billion in chemicals, ranking 31st globally, yet imports exceeded exports. The chemical import market grew by 34.15% year-on-year. The first quarter of 2025 saw a 7.23% increase in imports, emphasizing the essential role of local suppliers in providing high-quality feedstocks.
• Chandra Asri Group and Aster are notable chemical suppliers, offering a range of products like olefins, polyolefins, and styrene monomer. Their expertise supports industries such as automotive and packaging, positioning them as leading partners for Thailand’s growing chemical market.

Economic Position and Chemical Industry Overview

Thailand holds a significant economic position in Southeast Asia, boasting the second-largest petrochemical industry in the region, which plays a vital role in supporting domestic manufacturing. Despite this impressive ranking, the country remains dependent on chemical imports to meet its demand. With an annual production of 32 million tons of chemicals, Thailand supplies various downstream products to sectors such as textiles, packaging, electronics, and automotive. Reports from the Office of Industrial Economics indicate a 4.60% growth in the chemical shipment index in early 2025, bolstered by hydrogen and nitrogen gases, although manufacturing production experienced a decline of 3.86%.

Role of Chemical Suppliers

The role of reliable chemical suppliers is crucial to sustain Thailand’s industrial growth. Notably, Chandra Asri Group and Aster serve as prominent players in this sector, providing high-quality chemicals essential for various industries. Their offerings include a range of olefins, polyolefins, styrene monomers, and butadiene, which are vital for producing high-value products such as automotive components and packaging materials. The partnership between Chandra Asri Group and Aster showcases a commitment to meeting the growing chemical demand in Thailand, thereby reinforcing the country’s industrial framework.

Import-Export Dynamics

Despite its strong production capabilities, Thailand’s chemical imports outpace its exports. In 2024, Thailand exported $14.3 billion worth of chemical products, while imports grew by 34.15%, reaching $4.4 billion in early 2025. This trend highlights the increasing reliance on foreign suppliers to fulfill rising domestic needs. As the market expands, the relationship between local suppliers like Chandra Asri Group and Aster and various industries becomes even more essential for ensuring a seamless supply of high-quality feedstocks. Collaborating with established suppliers can help domestic companies efficiently navigate the complex landscape of Thailand’s chemical market, optimizing their production capabilities.

Source : Overview of Chemical Industry and Supplier in Thailand

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