Stocks in PTT Group Rise after Oil Prices Surges due to a Sign of Slowing US Glut Build

Those energy equities, particularly PTT Group’s stocks have traded higher in the morning session due to the surge of West Texas Intermediate (WTI) crude futures after the U.S. oil storage was not growing as fast as expected.

 

As of 10:54 local time in Thailand, the share price of PTT Public Company Limited (PTT) increased ฿1.00/share or 2.94% to ฿35.00/share with a trading value of 2.53 billion baht.

 

PTT Exploration and Production Public Company Limited (PTTEP) rose ฿4.00/share or 5.11% to ฿82.25/share with a trading value of 1.85 billion baht.

 

PTT Global Chemical Public Company Limited (PTTGC) surged ฿1.00/share or 2.70% to ฿38.00/share with a trading value of 540 million baht.

 

West Texas Intermediate (WTI) crude futures jumped $1.98/bbl or 13.15% to trade at $17.07 a barrel at 10:45 local time in Thailand, while the U.S. benchmark boosted 22% on Wednesday.

 

The positivity as well from the hope that the US would reopen the country earlier than expected after a report of effectiveness in the study of Gilead’s remdesivir drug by the National Institute of Allergy and Infectious Diseases.