PTT Group Surges as Oil Price Nearly Hit $67 in Concerns of U.S. Output Shutdown

The share price of PTT Public Company Limited (PTT) and its group edged higher on Tuesday after the international benchmark Brent crude reached $66.63 per barrel in response to concerns over lower U.S. output due to the storm in Texas.

 

The share price of PTT rose ฿0.50/share or 1.25% to ฿40.50/share after the opening bell on Tuesday.

PTT Exploration and Production Public Company Limited (PTTEP) gained ฿2.00/share or 1.81% to trade at ฿112.50/share.

PTT Global Chemical Public Company Limited (PTTGC) increased ฿1.00/share or 1.61% to ฿63.25/share.

PTT Oil and Retail Business Public Company Limited (OR) advanced ฿0.25/share or 0.79% to ฿32.00/share.

Meanwhile, other oil-related companies such as TOP and ESSO also saw their prices edged higher by 2.62% to ฿58.75/share and 3.49% to ฿8.90/share, respectively.

 

Due to a heavy winter storm in Texas, U.S. producers shut anywhere from 2 million to 4 million barrels per day of oil output Meanwhile,  the unusually cold conditions could damage installations that could keep output at a lower level longer than expected.