On Tuesday, the share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) at the time of 4.15 p.m. was at THB 114.50, a THB 0.50 or 0.44% increase with a total trading value of THB 471.98 million.
Meanwhile, the share price of PTT Public Company Limited (SET: PTT) at the same time was at THB 32.25, a THB 0.25 or 0.78% increase with a total trading value of THB 180.44 million.
The share price of Thai Oil Public Company Limited (SET: TOP) was at THB 35.25, a THB 0.25 or 0.71% increase with a total trading value of THB 118.50 million.
Oil prices continued their upward trajectory in the morning of the Asian trading session on Tuesday after OPEC+ announced a smaller increase in November supply than anticipated, easing some concerns over potential oversupply in the market.
This morning, Brent futures gained 11 cents, or 0.17%, to $65.58 a barrel, and the WTI expanded 8 cents, or 0.13%, to $61.77 per barrel. Both contracts had climbed more than 1% in the previous session, buoyed by OPEC+’s decision to lift production by 137,000 barrels per day beginning next month.
Still, the price of Brent and WTI pared gains in the afternoon, edging lower by around 0.45%.
This output increment fell short of analyst expectations for a more aggressive boost, signaling that the oil alliance — comprised of the Organization of the Petroleum Exporting Countries, Russia, and other partners — remains cautious as it navigates projections of a supply surplus for both the final quarter of this year and 2025.
Krungsri Securities views this development as a positive sentiment booster for upstream energy stocks such as PTT, PTTEP, and TOP.
Kasikorn Securities maintains a positive outlook on PTTEP, citing its attractive valuation. The firm forecasts a dividend yield of over 7%, or about THB 8.5 per share, and expects PTTEP can sustain its payout close to the 2024 level of THB 9.5 per share, supported by strong financial standing and stable free cash flow.
PTTEP is projected to “Outperform” in 4Q25, as oil prices typically rise by 14–20% within 3–12 months following the Federal Reserve’s (Fed) initiation of rate cuts.
Additionally, the International Energy Agency (IEA), OPEC, and the U.S. Energy Information Administration (EIA) have all raised their forecasts for global oil demand in 2025–2026. Middle Distillate inventories are currently below the five-year average, and the upcoming winter season is expected to support higher gross refining margins (GRM), further boosting oil prices. With around 30% of its sales coming from crude oil, PTTEP is positioned to benefit directly from these trends.
