Red market reduction

Gasoline price today 9/16/2024

Recorded on Oilprice at 5:00 a.m. on September 16, 2024 (Vietnam time), WTI oil price was at 68.65 USD/barrel, down 0.46% (equivalent to a decrease of 0.32 USD/barrel).

WTI oil price on the world market early morning September 16 (Vietnam time)

Similarly, Brent oil price was at 71.61 USD/barrel, up 0.50% (equivalent to an increase of 0.36 USD/barrel).

Brent oil price on the world market early morning September 16 (Vietnam time)

Oil futures edged up slightly last week after rebounding from a storm-related drop earlier in the week. Brent crude rose about 0.8% since Friday’s close, while WTI gained 1.4%.

Official figures show the storm knocked out nearly 42% of oil production in an area that accounts for about 15% of total US output. In addition, the number of US oil and natural gas rigs unexpectedly rose to 590, marking the largest weekly increase in a year, according to a report from Baker Hughes Energy Services Group.

Both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have revised down their global demand growth forecasts due to the impact of the difficult economic situation in China, the world's largest oil importer.

Meanwhile, the US Energy Information Administration reported that US oil inventories rose last week due to increased crude imports and reduced crude exports, while fuel demand showed signs of weakening. Investors are now focused on the US Federal Reserve's two-day policy meeting scheduled to take place next week, with speculation that the Fed may cut interest rates.

The IEA warned of a slowdown in global oil demand growth, particularly due to China's weakening economy, and forecast a potential supply surplus by 2024, even if OPEC+ continues to cut production.

Data earlier this week showed China's crude oil imports fell 3.1% from January to August 2024 compared to the same period last year.

Domestic retail gasoline prices on September 16, 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.

Diesel 0.05S price: 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-1692024-giam-do-ruc-thi-truong-346103.html