Recently, Opec+ agreed to cut down on the production of crude oil in response to a global drop in demand due to the ongoing Covid-19 pandemic.
The price of oil has risen to about $32 or $33 per barrel, adding positivity to the energy sector, especially refinery stocks.
Energy businesses were previously pressured by the impact of falling price of oil and demand.
On Tuesday, the following refinery stocks rose:
Star Petroleum Refining (SPRC) closed at Bt5.35, marking a rise of 14.81 per cent with trading valued at Bt576 million.
IRPC closed at Bt2.72, rising by 11.48 per cent, with Bt830 million worth of trading.
Thaioil (TOP) closed at Bt38.25, rising by 9.29 per cent with Bt2.074 billion worth of trading.
Bang Chak Corporation (BCP) closed at Bt19.30, rising by 4.32 per cent with Bt208 million worth of trading.
Mongkol Puangpetra, KTB Securities’ executive vice-president for strategy research, said refinery stocks have started to rebound because oil producers, such as Saudi Arabia, announced that it was discounting the price of oil by about $7 per barrel in May.
He also said that the performance of energy businesses should recover in the second quarter, adding that this sector has passed its lowest point and that demand for oil will rise as soon as the crisis is resolved.