Stocks in PTT Group Slip after Oil Drops Below $37 on Demand Fear

The share price of all three PTT Group dropped 2-3% in the morning session as oil prices tumbled after Saudi Aramco cut its official selling prices (OSP) for October on demand concerns in the Asian market.

 

As of 10:55 local time in Thailand, the share price of PTT Public Company Limited (PTT) was at ฿34.25/share, fell ฿0.75/share or 2.14% with a trading value of 608 million baht.

 

PTT Exploration and Production Public Company Limited (PTTEP) was at ฿82.25/share, fell ฿3.25/share or 3.80% with a trading value of 571 million baht.

 

PTT Global Chemical Public Company Limited (PTTGC) was at ฿42.75/share, fell ฿1.25/share or 2.84% with a trading value of 257 million baht.

 

West Texas Intermediate crude (WTI) slipped $3.01 to settle below $37 per barrel last night (Sep 8) amid growing concerns over Covid-19 continuing to spread which could weigh on oil demand and the global economy. The announcement of Suadi Aramco’s further crude export price cut in October also pressured energy market sentiment. 

 

WTI futures for the month of October dropped $3.01, or 7.6%, to settle at $36.76 per barrel. While Brent futures slipped $2.23, or 5.3%, to close at $39.78 per barrel.