PTT Group Shares Drop as Oil Prices Fall Sharply Overnight on Weak Demand Fears

PTT Group’s flagship equities fell on Wednesday after oil prices dropped sharply overnight due to concerns about China and the global economy.

As of 10.44 A.M. (Thai time), the share price of PTT Exploration and Production Pcl. (SET:PTTEP) dropped THB5.50/share, or 3.14%, to THB169.50/share, with a trading value of THB1,371 million.

The share price of PTT Pcl. (SET:PTT) dropped THB0.50/share, or 1.53%, to THB32.25/share, with a trading value of THB906 million.

The share price of PTT Global Chemical Pcl. (SET:PTTGC) dropped THB0.25/share, or 0.53%, to THB46.50/share, with a trading value of THB300 million.

Oil prices plunged overnight in volatile trade, weighed down by disappointing Chinese demand figures, a bleak economic outlook, and a stronger US dollar.

Brent futures for March delivery sank $3.58, or 4.2%, to $82.33 a barrel, the most in more than three months.

US WTI crude lost $3.11 to $77.15 per barrel, a 3.9% drop and the most in more than a month. Early in the session, both benchmarks had climbed by $1 per barrel.

The Chinese government increased export quotas for refined oil products in the first batch for 2023. Traders said the rise was due to the fact that the world’s top crude importer is still fighting virus waves, leading them to anticipate weak domestic demand.