On November 19, 2024, at 10:51 AM, shares of PTT Public Company Limited (SET: PTT) reached THB 32.50 per share, an increase by THB 0.25 or 0.78%.
PTT Exploration and Production Public Company Limited (SET: PTTEP) shares reached THB 127.00, representing an increase by THB 3.50 or 2.83%.
Koraphat Vorachet, Division Head of Research at Krungsri Securities, stated that the price of crude oil has skyrocketed yesterday following Brent crudes increasing 2.91% compared to previous closing at $73.11 per barrel, while West Texas crude went up 3.19% compared to the previous closing at $69.16 per barrel.
The spike in crude oil prices stems from lower supply, since Johan Sverdrup oilfield, Western Europe’s largest, has halted its production due to an onshore power outage. The price hike from outages is adding on top of the earlier surge from the escalation of the Russo-Ukrainian war, as the Russian air force launched its biggest airstrike in three months into Ukraine.
Spokesperson from Equinor, an operator of Sverdrup, said work is underway to resume the production, but the timeline is still not clear at the moment.
In the short term, Krungsri’s head of research sees the price gain benefiting stocks in the energy sector like PTT and PTTEP.
