Energy prices record steady increase

Buying power dominated the energy and industrial materials groups. Meanwhile, red covered the metal and agricultural product price boards. The MXV-Index fluctuated within a narrow range, closing the day slightly up 0.06% to 2,291 points.

With 4 out of 5 commodities closing higher, the energy group played a leading role in the market trend on the trading day of June 11. Notably, the MXV-Index Energy, which measures the volatility of commodities in the group, recorded a 5-day consecutive increase, showing a relatively stable upward trend in energy prices in the recent period.

Natural gas hits 6-month high, crude oil rises on consumption outlook

Natural gas prices closed on June 11 up more than 7%, surpassing $3 per million British thermal units for the first time since November 2023.

MXV said gas prices received strong buying interest shortly after the North American Electricity Council's annual report highlighted the risk of increased energy shortages in some US states due to hotter summer temperatures.

Adding to the support, the US Energy Information Administration (EIA) in its latest estimate raised the Henry Hub natural gas spot price in 2024 to $2.46 per million British thermal units from $2.18 per million British thermal units in its previous forecast, citing lower expected production and below-average storage injections during the summer.

Energy Price List

In other notable developments, oil prices continued to rise to their highest level since early June. Two major oil market reports in June strongly influenced price movements, with the US Energy Information Administration (EIA) raising its forecast for global oil demand growth this year, and OPEC maintaining its forecast for relatively strong growth in 2024, contributing to supporting oil prices. WTI crude oil prices closed up 0.21% at $77.90/barrel. Brent crude oil prices rose 0.36% to $81.92/barrel.

Specifically, in the June Short-Term Energy Outlook (STEO) report, EIA raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day (mb/d) from its previous estimate of 900,000 bpd, averaging 103 mb/d. In 2025, EIA also forecast that global oil demand could increase to 104.5 mb/d, slightly higher than its previous forecast of 104.3 mb/d.

On the supply side, the EIA now expects global oil production to reach around 102.6 million barrels per day, compared to its forecast of 102.8 million barrels per day in May. The adjustment comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to extend voluntary production cuts into the third quarter of this year.

Overall in 2024, the EIA said the market will be in a deficit of about 320,000 barrels per day. That has boosted buying in the market.

Also yesterday, OPEC's June Oil Market Report maintained its 2024 forecast for positive oil demand growth, citing expectations for tourism in the second half of the year. Specifically, OPEC expects global oil demand growth in 2024 to reach 2.2 million barrels per day, unchanged from its May estimate, averaging 104.46 million barrels per day for the year.

Early this morning Vietnam time, the American Petroleum Institute (API) fuel inventory report said that commercial oil inventories decreased by 2.43 million barrels in the week ending June 7, in the context of the beginning of the peak driving season. This also created momentum for oil prices to continue to increase.

Wheat prices end 9-day losing streak

Agricultural markets were mixed. Corn and soybeans reversed course and weakened. Wheat was a bright spot, posting a more than 3% gain yesterday, ending a nine-day losing streak. MXV said concerns about the Russian crop situation had returned and were the main factor driving buying in the market.

Agricultural Product Price List

The Russian Grain Union (RGU) said that frosts in May damaged about 15-30% of the country's winter grain crop. The extent of the damage varied by region, and was much higher than the 1% forecast by the Russian Ministry of Agriculture. Previously, the agency estimated that about 1 million hectares of crops - equivalent to 1.2% of the 2024 harvest area - were damaged. In addition, the weather outlook for the coming period in Russia is not very optimistic and that number could continue to increase.

In the domestic market, the selling price of Australian, EU, and South American wheat to Vietnam is relatively stable. Recorded yesterday, June 11, at Vung Tau port, wheat futures for delivery in June this year fluctuated around 7,650 - 7,700 VND/kg.

Prices of some other goods

Industrial raw material price list

Metal price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-1262024-gia-nang-luong-ghi-nhan-chuoi-tang-on-dinh-325686.html