Oil refining stocks rallied on Tuesday as gross refining margins surged and crude oil prices rose above US$78/bbl in response to China’s pledge to boost policy support for post-pandemic recovery.
As of 11.13 A.M. Bangkok time, the share price of PTT Exploration and Production Pcl. (SET: PTTEP) rose THB1.50/share, or 0.94%, to THB161.00/share, with a trading value of THB592 million.
The share price of PTT Pcl. (SET: PTT) rose THB0.50/share, or 1.45%, to THB35.00/share, with a trading value of THB507 million.
The share price of PTT Global Chemical Pcl. (SET: PTTGC) rose THB0.75/share, or 2.01%, to THB38.00/share, with a trading value of THB338 million.
The share price of Thai Oil Pcl. (SET: TOP) rose THB1.00/share, or 2.06%, to THB49.50/share, with a trading value of THB690 million.
The share price of Star Petroleum Refining Pcl. (SET: SPRC) rose THB0.15/share, or 1.83%, to THB8.35/share, with a trading value of THB153 million.
The share price of Bangchak Corporation Pcl. (SET: BCP) rose THB0.75/share, or 1.99%, to THB38.50/share, with a trading value of THB98 million.
Tuesday’s rally in energy and oil refining stocks was fueled by crude prices rising more than 2% on Monday in response to top Chinese officials’ pledge to stimulate economic growth in the world’s largest oil importer, coupled with tightening global supply.
Futures for West Texas Intermediate crude maintained their three-month highs, rising $1.67 per barrel, or 2.1%, to $78.74. In the meantime, futures on Brent crude oil increased by $1.67 per barrel, or 2.1%, to $82.74 per barrel.
The stocks were also bolstered by an upsurge in gross refining margins, which increased by more than 12.7% to $7.97 per barrel in recent weeks.
