Gasoline price today 9/17/2024
Recorded on Oilprice at 5:00 a.m. on September 17, 2024 (Vietnam time), WTI oil price was at 70.50 USD/barrel, up 2.10% (equivalent to an increase of 1.44 USD/barrel).
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| WTI oil price on the world market early morning September 17 (Vietnam time) |
Similarly, Brent oil price was at 72.97 USD/barrel, up 1.9% (equivalent to an increase of 1.36 USD/barrel).
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| Brent oil price on the world market early morning September 17 (Vietnam time) |
Oil prices rose on Tuesday as Hurricane Francine’s continued impact on U.S. Gulf of Mexico output offset lingering concerns about Chinese demand ahead of the U.S. Federal Reserve’s decision to cut interest rates this week.
“ We still have the remnants of the storm. The impact is more on the production side than the refining side. So it tends to be a little bit bullish, ” said Matt Smith, senior oil analyst at Kpler.
More than 12% of U.S. crude oil production and 16% of natural gas production in the Gulf of Mexico remain offline following Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said.
Overall, however, markets remain cautious ahead of the Federal Reserve's interest rate decision on Wednesday, with traders increasingly betting on a 50 basis point (bps) rate cut instead of 25 bps, according to CME FedWatch, open new tabFed funds futures tracker.
Lower interest rates typically reduce borrowing costs, which can boost economic activity and increase demand for oil.
“ The Fed’s 0.25 percent rate cut could add to traders’ concerns about oil demand growth ,” said Clay Seigle, an oil market strategist.
Seigle said the market could see conflicting trends if the Fed cuts rates more aggressively. “ Bulls will be more confident about oil demand recovering as prices ease, while bears will welcome a reduction in real transportation costs ,” Seigle said.
Contango occurs when the front month contract is cheaper than the next month contract.
Weaker economic data from China over the weekend dampened market sentiment, with the prospect of prolonged low growth in the world's second-largest economy raising doubts about oil demand, said IG market strategist Yeap Jun Rong.
Industrial output growth in China, the world's top oil importer, slowed to a five-month low in August while retail sales and new home prices continued to weaken.
China's refinery output also fell for a fifth straight month as weak fuel demand and export margins limited output.
Domestic retail gasoline prices on September 17, 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.
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| 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-1792024-gia-dau-the-gioi-dong-loat-tang-346340.html
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