On Wednesday at 11:15 AM (Bangkok time), the share price of Bangchak Corporation Public Company Limited (SET: BCP) slumped by 3.92% or THB 1.50 to THB 36.75, with a trading value of THB 465.36 million.
Thai Oil Public Company Limited (SET: TOP) plummeted by 3.21% or THB 1.75 to THB 52.75, with a trading value of THB 408.21 million.
PTT Public Company Limited (SET: PTT) dropped by 1.48% or THB 0.50 to THB 33.25, with a trading value of THB 1.59 billion.
PTT Exploration and Production Public Company Limited (SET: PTTEP) decreased by 1.07% or THB 1.50 to THB 138.50, with a trading value of THB 916.46 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) declined by 2.14% or THB 0.15 to THB 6.85, with a trading value of THB 72.39 million.
Bangchak Sriracha Public Company Limited (SET: BSRC) lost 1.39% or THB 0.10 to THB 7.10, with a trading value of THB 23.99 million.
Pi Securities saw a pessimistic sentiment surrounding energy stocks, particularly affecting the upstream segment for energy operators such as PTTEP, as well as oil refinery firms such as TOP, BCP, and SPRC. This projection follows the recent decline in Brent crude futures, which settled at $69.19 per barrel, marking the lowest point since December 2021, as well as the drop in WTI crude futures, which settled at $65.75 per barrel, marking the lowest level since March 2023.
The decrease in oil prices was driven by OPEC’s second downward adjustment of its demand forecast for 2024-25. This revision included reducing the consumption estimate by 80,000 barrels in 2024 and by 40,000 barrels in 2025, contributing to the downward pressure on oil prices.
