Stocks in PTT Group Fall after Oil Drops Below $20 over the Night and IEA’s Dire Outlook

The share price of all three PTT Group dropped 3-5% in the morning session after oil prices dipped lower than $20/bbl to its lowest since 2002, while the IEA pointed out that it expected global oil demand to fall by 29 million barrels per day this month, a level not seen since 1995 as lockdown measures to control the coronavirus spreading continued to weigh on oil demand.

 

The share price of PTT Public Company Limited (PTT) closed the morning session on April 16, 2020, at ฿34.00/share, fell ฿1.50/share or 4.23% with a trading value of 2,291 million baht.

PTT Exploration and Production Public Company Limited (PTTEP) closed the morning session at ฿75.50/share, fell ฿2.75/share or 3.51% with a trading value of 875 million baht.

PTT Global Chemical Public Company Limited (PTTGC) closed the morning session at ฿37.00/share, fell ฿2.00/share or 5.13% with a trading value of 714 million baht.

 

IEA estimated the oil demand across the world to fall by a record 9.3 mb/d year-on-year in 2020 due to the impact of restriction movement regulations in 187 countries and territories. IEA stated on the Oil Market Report – April 2020 that for the overall 2Q20, demand is expected to be 23.1 mb/d below year-ago levels. The recovery will gradually begin from June, but in December demand will still be down 2.7 mb/d y-o-y.

IEA also warned that the recent agreement of cutting production cuts by the OPEC+ will not outweigh this shrink in demand.