On Monday at 11:33 AM (Bangkok time), the share price of PTT Global Chemical Public Company Limited (SET: PTTGC) rose by 1.90% or THB 0.40 to THB 21.40, with a trading value of THB 217.47 million.
Indorama Ventures Public Company Limited (SET: IVL) grew by 1.24% or THB 0.20 to THB 16.30, with a trading value of THB 192.19 million.
Thai Oil Public Company Limited (SET: TOP) increased by 2.78% or THB 1.00 to THB 37.00, with a trading value of THB 349.96 million.
PTG Energy Public Company Limited (SET: PTG) surged by 0.70% to THB 0.05 to THB 7.15, with a trading value of THB 11.38 million.
Krungsri Securities (KSS) stated that, on January 3, 2026, the United States escalated its international crackdown on drug-related activities by launching an assault on Venezuela’s capital and detaining President Nicolás Maduro, who was later transferred to the U.S. This was subsequently addressed by President Donald Trump, who expressed intentions to intervene in Venezuela’s energy sector.
Krungsri takes a long-term view that if Venezuela’s political situation stabilizes, there could be a gradual increase in oil production investment, which would ease global supply constraints, though not to the extent of causing an oversupply that would depress oil prices.
The return of U.S. private sector players such as Chevron and ConocoPhillips is likely contingent on improvements in Venezuela’s political and security environment, as acting President Delcy Rodríguez has not shown openness toward the U.S. The U.S. is expected to maintain sanctions on Venezuela’s energy sector until international agreements are reached.
Years of underinvestment in Venezuela’s energy infrastructure—across oil rigs and utilities— mean that any resumption of investment or upgrades could take at least a year. According to the U.S. EIA, refinery utilization rates in Venezuela are currently just 20% (capacity of 1.4 million barrels per day), and U.S. companies will aim to avoid a rapid surge in supply that could undermine U.S. shale oil, which carries higher production costs.
A gradual improvement in global crude oil supply, Krungsri notes, would most benefit fuel retail operators, as a decline in living costs (especially for transportation) would reduce the likelihood of state controls over energy prices. This would help the recovery and stabilization of marketing margins, particularly for diesel—a positive for PTG Energy (PTG), which has a diesel sales proportion of 72–73%, higher than its competitors’ 50–60%.
For the petrochemical sector, the possibility of lower naphtha costs along with softer crude oil prices is seen as a positive, especially for companies with heavy naphtha use, such as The Siam Cement (SCC).
Krungsri maintains a Bullish view on the energy and petrochemical sectors, selecting Star Petroleum Refining (SPRC) (target price THB 7.6) and PTG (target price THB 10.0) as top picks.
The firm expects sector profits to recover in 2026, supported by reduced stock loss, limited new refinery supply relative to demand growth, sustained refining margins, and a reduction in oversupply in petrochemicals as high-cost producers exit.
Likewise, Yuanta Securities also stated that the long-term outlook for petrochemicals could improve if Venezuela is able to boost output, which would move crude prices sideways to lower and widen petrochemical spreads. Beneficiary stocks include SCC, IVL, and PTTGC.
