Sunday, October 20, 2019

Drone attack drives oil stocks in Thailand up across the board

Sep 16. 2019
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By The Nation

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Saudi Arabia confirmed over the weekend that the attack on two Saudi Aramco processing facilities means that 8.45 million barrels of crude oil production has been temporarily halted. This means 5 per cent of the worldwide oil production has been withdrawn.

The incident caused crude oil prices to jump around $5.5 per barrel, 10.2-per-cent increase. and this had had a positive effect on oil stocks.

In Thailand, SET reports all stock prices in oil and refineries soared on Monday morning (September 16).

As of 10.05 am, PTT shares were Bt47, an increase of Bt1.50 or 3.3 per cent; PTTEP shares were Bt126.50, an increase of Bt4 or 3.27 per cent; TOP shares were Bt72.25, up Bt1.50 or 2 per cent, ESSO shares were Bt9.20, up Bt0.40 or 5 per cent, IRPC shares were Bt4.14, up Bt0.06 or 1.47 per cent, and SPRC shares were Bt10, an increase Bt0.20 or 2.5 per cent.

Krung Sri Securities (KSS) today recommended PTTEP, TOP, and IVL as the stocks to buy though DBS Vickers Securities cautioned that the positive effect would be short-lived as the US has started to increase its oil production.

At 06.21 am local time, West Texas crude oil contract for October delivery in NIMEX rose to US$63.34 per barrel, a 15-per-cent increase, while Brent crude oil contract went up to US$71.95 per barrel or 19 per cent increase. Both are the highest rises since May.

 

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