On Thursday at 11:26 AM (Bangkok time), the share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) rose by 3.96% or THB 4.50 to THB 118.00, with a trading value of THB 1.14 billion.
Thai Oil Public Company Limited (SET: TOP) grew by 3.55% or THB 1.25 to THB 36.50, with a trading value of THB 237.29 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) increased by 2.54% or THB 0.12 to THB 4.84, with a trading value of THB 50.65 million.
IRPC Public Company Limited (SET: IRPC) expanded by 4.24% or THB 0.05 to THB 1.23, with a trading value of THB 38.08 million.
Bangchak Corporation Public Company Limited (SET: BCP) added by 1.65% or THB 0.50 to THB 30.75, with a trading value of THB 24.97 million.
Meanwhile, PTT Public Company Limited (SET: PTT) remained unchanged at THB 33.00, with a trading value of THB 1.03 billion.
DAOL Securities noted that global oil prices surged on the back of a sharper-than-expected drop in U.S. crude inventories. Brent crude futures climbed 2.5% to $69.30 per barrel, a seven-week high, signaling tighter supplies in the market.
The U.S. Energy Information Administration (EIA) reported a decrease in crude inventories by 600,000 barrels week-on-week, compared to analyst forecasts for a gain. Gasoline and diesel stocks also saw declines of 1.1 million and 1.7 million barrels, respectively. Additionally, oil prices received support from reported attacks by Ukraine on Russian refineries, as cited by Reuters.
DAOL Securities views these developments as positive for short-term oil prices, with concerns about global supply further heightened by the ongoing Russia-Ukraine conflict. Despite supporting factors, the firm noted continued high volatility in oil prices and maintained its 2025 Dubai crude price assumption at an average of $69 per barrel, down from $79.80 per barrel in 2024, reiterating a ‘market weight’ investment rating.
Key beneficiaries include PTTEP, which the analyst rates as a ‘Buy’ with a THB 130 target price, and SPRC, also rated ‘Buy’ with a target price of THB 6 per share. TOP and BCP are rated ‘Hold’ with target prices of THB 33 and THB 34, respectively. These companies are likely to benefit from increased average selling prices and potential short-term gains on inventory revaluations.
Meanwhile, Krungsri Securities (KSS) also highlighted the continued advance in global oil prices, with Brent gaining 2.48% to close at $69.31 per barrel and West Texas Intermediate up 2.49% to settle at $64.99.
This rally was mainly driven by EIA data showing a 607,000-barrel drop in U.S. crude stockpiles last week—significantly diverging from market expectations of an 800,000-barrel increase—which indicates a tighter supply situation than previously anticipated.
Krungsri believes that rising oil prices will be a short-term boost for energy and refining stocks, singling out PTT, PTTEP, and TOP as key beneficiaries.
