Oil prices "turn around" and fall sharply

Gasoline price today 9/14/2024

Recorded on Oilprice at 5:00 a.m. on September 14, 2024 (Vietnam time), WTI oil price was at 69.24 USD/barrel, down 0.46% (equivalent to a decrease of 0.32 USD/barrel).

WTI oil price on the world market early morning September 14 (Vietnam time)

In contrast, Brent oil price was at 72.18 USD/barrel, up 0.29% (equivalent to an increase of 0.21 USD/barrel).

Brent oil price on the world market early morning September 14 (Vietnam time)

Oil prices fell on Tuesday as U.S. Gulf of Mexico crude output resumed following Hurricane Francine and data showed the U.S. rig count rose this week.

Investors opted to sell off oil contracts over the weekend as production and refining activity in the U.S. Gulf Coast resumed, said Bob Yawger, director of energy futures at Mizuho in New York.

“ You could come back on Monday and everything is fine — refineries are running at 100%, everyone is back on the rigs, oil and gasoline are flowing out of the refineries — and the market could potentially fall sharply, ” Yawger said.

Oil futures rose for the week after a storm-related surge earlier in the week, snapping a losing streak. Brent was up about 0.8% since Friday’s close, while WTI was up about 1.4%.

Official data showed that as of Thursday, the storm had knocked out nearly 42% of oil production in the region that accounts for about 15% of U.S. output.

“These cuts are expected to be short-lived and, in the broader context, unlikely to drive much volatility in the crude balance given that shale production accounts for the majority of U.S. production,” Ritterbusch said.

Crude prices were also affected by the US rig count from energy services group Baker Hughes, which reported the largest weekly increase in oil and natural gas rigs in a year.

The oil rig count rose by eight rigs in the week to September 13 to 590, returning to mid-June levels. The increase was the largest since the week to September 15, 2023. , , . The crude oil rig count rose by five rigs to 488 this week, while the gas rig count rose by three rigs to 97.

Also that week, money managers cut their net long positions in crude oil futures and options in New York and London by 27,493 contracts to 59,741 contracts in the week to September 10, the U.S. Commodity Futures Trading Commission said.

This week, both the Organization of the Petroleum Exporting Countries and the International Energy Agency lowered their demand growth forecasts, citing economic difficulties in China, the world's largest oil importer.

U.S. oil inventories also rose broadly last week as crude imports rose and crude exports fell, while fuel demand weakened, the Energy Information Administration said Wednesday.

Investors are now looking ahead to the US Federal Reserve's two-day policy meeting next week, where it is widely expected to cut interest rates on Wednesday.

Domestic retail gasoline prices on September 14, 2024 will be applied according to the adjustment session from 3:00 p.m. on September 12 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	18,890	-1.089
RON 95 gasoline	19,635	-1.192
Diesel	17,165	-927
Oil	17,790	-934
Fuel oil	14,467	-688

Specifically, the price of E5 RON 92 gasoline decreased by VND1,089/liter, down to VND18,890/liter; RON 95 gasoline decreased by VND1,192/liter, down to VND19,635/liter.

Price of diesel 0.05S: down 927 VND/liter, down to 17,165 VND/liter; Kerosene down 934 VND/liter, down to 17,790 VND/liter; Madut 180CST 3.5S down 688 VND/kg, down to 14,467 VND/kg.

Domestic gasoline prices will be adjusted from 3:00 p.m. on September 12. Illustrative photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

According to Reuters, in its recently released monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world oil demand will increase by 2.03 million barrels per day this year, down from the organization's forecast of 2.11 million barrels per day growth last month.

However, contrary to OPEC's forecast, the US Energy Information Administration (EIA) forecasts that global oil demand is expected to average about 103.1 million barrels per day in 2024, 200,000 barrels per day higher than the previous forecast of 102.9 million barrels per day.

Since the beginning of 2024, domestic gasoline prices have undergone 36 adjustment sessions, including 19 decreases, 15 increases and 3 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-1492024-gia-dau-quay-xe-giam-sau-345799.html