Energy stocks in the Thai stock market edged higher at the open on Monday, following rising crude oil prices during the long weekend in Thailand last week.
The share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) rose 2.79% to THB147.50 per share.
Star Petroleum Refining Public Company Limited (SET: SPRC) rose 2.14% to THB9.55 per share.
Banpu Public Company Limited (SET: BANPU) rose 1.85% to THB11.00 per share.
Thai Oil Public Company Limited (SET: TOP) rose 1.93% to THB52.75 per share.
PTT Public Company Limited (SET: PTT) rose 1.35% to THB37.50 per share.
During the five-day holiday in Thailand last week, oil prices had recovered from $100 level to more than $110 per barrel as of this morning, following the report that the European Union was drafting a measure to shun Russian crude oil. Meanwhile, the situation in Ukraine has yet to progress in a positive direction as Ukraine refused to yield Mariupol to Russia.
As of 10:15 local time in Thailand, Brent crude rose 1.01% to $112.83 per barrel. West Texas Intermediate rose 0.87% to $107.89 per barrel.
In the meantime, gross refining margin also rose to a record high, closing at $20.08/barrel, which was higher than the average of $10.58 in March, $7.27 in February and $6.01 per barrel in January.
