PTT Group Surges as Oil Prices Continue to Move Upward on Global Economic Recovery

Four PTT group stocks, including PTT, PTTEP, PTTGC and OR, rallied in the morning session of September 14, as crude oil prices continued to rise as a result of growing global demand for oil consumption, which is consistent with economic recovery. Additionally, supply has not yet returned to normal levels due to Hurricane Ida’s impact on production.

As of 11:50 local time in Thailand, the share price of PTT Public Company Limited (PTT) rose ฿0.50/share or 1.31% to ฿38.75/share, with a trading value of 1.53 billion baht.

The share price of PTT Exploration and Production Public Company Limited (PTTEP) rose ฿3.00/share or 2.78% to ฿111.00/share, with a trading value of 809 million baht.

The share price of PTT Global Chemical Public Company Limited (PTTGC) rose ฿0.25/share or 0.41% to ฿61.25/share, with a trading value of 605 million baht.

The share price of PTT Oil and Retail Business Public Company Limited (PTT) rose ฿0.25/share or 0.86% to ฿29.25/share, with a trading value of 222 million baht.

Key factors that contributed to the increase in the share prices of four PTT group companies was an anticipated gain from higher oil prices, as production in the Gulf of Mexico remains impacted by Hurricane Ida. Additionally, markets speculated that an intensifying Tropical Storm Nicholas would have an effect on Texas-based oil output.

Maybank Kim Eng (Thailand) (MBKET) picks PTTEP as its investment strategy today (September 14) as crude oil prices continue to swing upward. Brent crude oil closed at $73.51 yesterday (September 13), driven by both higher global crude oil demand following a recovering economy. Coupled with supply that has not returned to normal after production facing Hurricane Ida. This is expected to be positive for speculation on energy stocks. MBKET has given a “BUY” recommendation on PTTEP, with a target price of 157 baht.