PTT Exploration and Production Public Company LimitedDao Securities favors PTTEP with a buy rating, expecting high average selling prices to hold in Q3 2026.
Saudi Arabia has restarted the East-West oil pipeline and may resume crude exports from the Red Sea port of Yanbu later on Tuesday, amid signs of rising volumes of oil flowing out of the Middle East. Sources said the pipeline was pumping at a low rate after being brought back online. One source said Saudi Aramco is trying to raise the pumping rate back to 4.0 million barrels per day, against a maximum capacity of 7.0 million barrels per day, and that lifting the rate to 40% of capacity will take two to three days, while a full return to capacity will take six to eight weeks. Dao Securities has a neutral view on the news, saying the plan for the East-West pipeline to return to full capacity may take slightly longer than previously expected. Meanwhile, Brent crude futures edged down 1.1% to 99.3 US dollars per barrel. The research house maintained its assumption of an average Dubai oil price of 85.0 US dollars per barrel this year and kept an equal-weight investment stance on the energy sector, still favouring upstream energy stock PTTEP, rated buy with a target price of 180.00 baht, on expectations that average selling prices will hold at high levels in the third quarter of 2026.
PTT Exploration and Production Public Company LimitedDao Securities favors PTTEP with a buy rating, expecting high average selling prices to hold in Q3 2026.
Restart of the East-West pipeline and rising Middle East oil flows pushed Brent futures down 1.1% to $99.3/bbl.
Saudi Arabia restarting the East-West pipeline and restoring crude flows signals rising supply, pressuring WTI prices.
Aramco is racing to restore the East-West pipeline toward 4 million bpd, resuming crude exports from Yanbu.