Stocks in PTT Group Slip as Oil Prices Drop More than 5% Last Night amid Covid-19 Fear

The share price of all three PTT Group dropped 1-2% in the morning session after oil prices dropped more than 5% last night as coronavirus cases in the U.S. and Europe surged amid rising U.S. crude stockpiles.

 

As of 10:42 local time in Thailand, the share price of PTT Public Company Limited (PTT) was at ฿30.75/share, fell ฿0.75/share or 2.38% with a trading value of 627 million baht.

 

PTT Exploration and Production Public Company Limited (PTTEP) was at ฿77.75/share, fell ฿0.75/share or 0.96% with a trading value of 222 million baht.

 

PTT Global Chemical Public Company Limited (PTTGC) was at ฿40.00/share, fell ฿0.50/share or 1.23% with a trading value of 132 million baht.

 

Over the night, West Texas Intermediate (WTI) Crude dropped $2.18 per barrel or 5.5% to $37.39 a barrel. Brent Crude plunged $2.08 per barrel or 5.1% to $39.12 a barrel.

 

Adding pressure to oil prices, U.S. crude stockpiles rose more than expected last week as production surged in a record build, according to the data reported by the Energy Information Administration (EIA).

 

However, oil prices rebounded in the early Asian trading hour. WTI rose $0.22 per barrel or 0.59% to $37.61 a barrel. Brent Crude gained $0.21 per barrel or 0.54% to $39.33 a barrel.