The share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) led the decline among upstream producers in the energy sector this morning with a drop of THB3.50 or 2.77% to THB123.00 per share as of 11:59 Bangkok time.
Meanwhile, Bangchak Corporation Public Company Limited (SET: BCP) experienced a drop of THB1.00 or 2.90% to THB33.50 per share.
DBS Vickers Securities Thailand stated in its analysis that US president Donald Trump had announced a national energy emergency, aiming to reduce US energy prices by increasing oil drilling, laying oil pipelines, and setting up oil refineries. Moreover, there is also a report that the Houthi movement will ease their attack on cargo ships in the Red Sea.
Additionally, crude oil prices dropped more than 1% yesterday, negatively impacting PTTEP, BCP, and other upstream energy stocks.
