The PTT group’s stocks rallied today as the closing price of WTI soared by 5% after Saudi Arabia increased oil prices.
As of 12.26 hrs. local time in Thailand, the share price of PTT Public Company Limited (PTT) rose THB0.75/share or 2.04% to THB37.50/share, with a trading value of THB1,714 million.
The share price of PTT Global Chemical Public Company Limited (PTTGC) rose THB0.50/share or 0.87% to THB58.25/share, with a trading value of THB446 million.
The share price of PTT Exploration and Production Public Company Limited (PTTEP) rose THB0.50/share or 0.43% to THB118.00/share, with a trading value of THB201 million.
US crude oil benchmark, WTI, reached the highest level in a week last night after Saudi Arabia lifted oil export prices for Asia and the United States, along with fears about the impact of the omicron strain on global fuel demand lessened.
The West Texas Intermediate (WTI) for January delivery rose US$3.23 or 4.9% to settle at US$69.49 per barrel on December 6, 2021. Meanwhile, Brent crude for February delivery rose US$3.20 or 4.6% to US$73.08 per barrel on Monday.
The key factors that influenced the oil price outlook positively, including reports of the omicron variant, indicate that even though it is highly transmissible, cases have been relatively mild, and Saudi Aramco increased its prices by US$0.60 for Asian customers, while upholding a range of US$0.40-US$0.60 for US customers, displaying confidence in the demand prospects despite the spread of the new COVID-19 variant.
Overall, investors are closely monitoring the weekly update on US crude inventories. Tomorrow at 10.30 hrs. (Thailand local time), the US Energy Information Administration (EIA) is scheduled to release the report.
