Energy and coal equities are soaring upward on Wednesday, as crude oil climbed beyond US$110 overnight, setting a new record high in eight years.
At 11.25 hrs. local time in Thailand, the share price of PTT Public Company Limited (SET: PTT) rose THB0.75/share or 1.92% to THB39.75/share, with a trading value of THB1,768 million.
The share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) rose THB6.50/share or 4.73% to THB144.00/share, with a trading value of THB3,225 million.
The share price of Thai Oil Public Company Limited (SET: TOP) rose THB1.25/share or 2.34% to THB54.75/share, with a trading value of THB958 million.
The share price of Esso (Thailand) Public Company Limited (SET: ESSO) rose THB0.35/share or 4.58% to THB8.00/share, with a trading value of THB274 million.
The share price of BANPU Public Company Limited (SET: BANPU) rose THB0.60/share or 5.31% to THB11.90/share, with a trading value of THB2,602 million.
The share price of The Lanna Resources Public Company Limited (SET: LANNA) rose THB0.90/share or 4.13% to THB22.70/share, with a trading value of THB340 million.
TISCO Securities said that the prices of energy and coal stocks climbed in lockstep with the continuous rise in crude oil prices, which recently reached US$100/barrel.
Crude oil prices rose sharply as sanctions against Russia added constraints on trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market.
Brent crude oil climbed to $110 increasing by 5.45%which was last seen in July 2014 while U.S. WTI surged to $109.99 per barrel reaching the highest level since July 28,2014.
However, many equities in the oil and coal sectors, excluding PTT, are considered to have reached their full value. Still recommend “BUY” on PTT with a target price of THB44.00.
