The movement of oil stock prices today increased from the previous day, led by PTT Exploration and Production Public Company Limited or PTTEP, which increased 2 baht (+1.17) to 172.50 baht and had a value Highest trading volume in the market this morning. After the situation of crude oil prices in the world market remaining stable at a high level. And it is expected that demand will continue to be in a tight state.
Securities analyst Asia Plus Securities Company Limited stated in its analysis that Crude oil prices continued to rise, supporting oil stocks. Since the beginning of the month, the price of Brent crude oil futures contract has increased 11% and West Texas crude oil contract (WTI) has increased 12% after the International Energy Agency (IEA) expected that Saudi Arabia’s expansion Time to voluntarily reduce oil production capacity by 1 million barrels/day until the end of this year. And Russia has extended the time to reduce oil exports to 300,000 barrels/day until the end of this year. This will cause oil demand in the world market to remain tight until the fourth quarter of this year.
while crude oil stocks at Cushing, Oklahoma, which is the delivery point US crude oil futures fell by 943,000 barrels to below 22 million barrels, which is the lowest level since July 2022, making oil demand in the world market even more tight. Such issues As a result, crude oil prices continued to increase, with Brent increasing 2.76% to close at $96.55.
Therefore, the Thai stock market should benefit. With the proportion of oil-refinery stocks accounting for nearly 1/3 of the market weight. The stocks expected to benefit are PTT Public Company Limited or PTT, PTT Exploration and Production Public Company Limited or PTTEP, Thai Oil Public Company Limited or TOP and Sta. Petroleum Refining Public Company Limited or SPRC, etc.
Analysis of AIRA Securities Public Company Limited stated in the same direction that The price of WTI crude oil futures for delivery in November rose sharply last night to a new high, closing at 93.68 dollars/barrel, an increase of 3.29 dollars or +3.64%, supported by the Energy Information Administration of Thailand. The US government (EIA) reported that crude oil stocks decreased by 2.16 million barrels, more than the market expected to decrease by 0.60 million barrels, reflecting strong demand in the US.
Moreover, the market is still concerned about the trend of tight supply from Saudi Arabia. Extended time to reduce oil production capacity and Russia has suspended exports until the end of this year. Stimulating concerns about tight crude oil supply further.
However, we still think that oil prices have adjusted to recognize this issue to some extent. Viewed as an opportunity to sell stocks in the energy sector to make a profit in the direction of rising prices.
Securities analysis KGI Securities (Thailand) Public Company Limited said WTI crude oil prices increased 3.21% to a new high in 13 months after EIA reported weekly crude oil reserves numbers were lower than consensus estimates, which should support stock prices. The energy sector outperformed, but on the other hand, it will increase concerns about global inflation at the end of this year and into early 2024.
2023-09-28 04:31:00
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