Shares in PTT Group Continue the Rally amid Soaring Oil Prices to a 14-Month High

The PTT Group and energy sector continued to lift SET Index higher on Monday, March 8, 2021, amid a constant surge in oil prices, buoyed by the OPEC and its allies’ decision to extend production cut into April and the report of Saudi Arabia’s oil facilities being attacked on Sunday.

 

As of 10:07 local time in Thailand, SET Index surged 14.73 points or 0.95% to 1,558.84 points with a trading value of 10.4 billion baht.

The share price of PTT Public Company Limited (PTT) rose ฿1.25/share or 3.09% to ฿41.75/share in a few minutes after the opening bell.

PTT Exploration and Production Public Company Limited (PTTEP) increased ฿4.00/share or 3.45% to ฿120.00/share.

PTT Global Chemical Public Company Limited (PTTGC) gained ฿2.75/share or 4.20% to ฿68.25/share.

PTT Oil and Retail Business Public Company Limited (OR) advanced ฿0.25/share or 0.83% to ฿30.50/share.

 

The surge in oil prices came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+)’s agreement to extend most oil output cuts into April, coupled with the report of Saudi Arabia‘s oil facilities being attacked on a petroleum storage tank at Ras Tanura, one of the largest oil shipping ports in the world on Sunday.

 

As of 9:45 local time in Thailand on Monday, March 8, 2021, Brent Crude rose 2.72% to $71.25 a barrel, making a record high in 14 months. Meanwhile, WTI increased in a similar direction with a gain of 2.60% to $67.81 a barrel.

 

Saudi’s ministry of energy stated that the attacks “did not result in any injury or loss of life or property”, while the person familiar with the matter said no production had been affected.