Slight increase at the beginning of the trading session

Opening the morning trading session on April 9, 2024, today's gas price in the world market increased by 0.33% to 1.84 USD/mmBTU for natural gas contracts for delivery in May 2024.

Gas price today April 9, 2024: Slight increase at the beginning of the trading session. Illustration photo

Europe has just ended the heating season with the highest amount of natural gas left in storage on record. The “old continent” has the highest stockpiles at the end of any winter in any year to date.

Weaker demand due to milder winters in 2023 and 2024, energy efficiency targets and softening industrial demand in the EU have led to high natural gas inventories and lower prices.

As LNG exporters, especially Qatar, announce major new expansion projects, the world could soon face a gas glut, analysts say.

European gas prices could fall to $6.7 per million British thermal units (MMBtu) this summer thanks to a mild winter and ample gas inventories, Wood Mackenzie said in a report last month.

“High storage levels pose a risk of price declines as summer approaches. With storage levels nearing capacity, we estimate there could be up to 10 billion cubic metres of surplus,” said Mauro Chavez, head of European Gas and LNG markets at WoodMac.

In the United States, oversupply and low natural gas prices have prompted many operators to start reducing production. But some are also stockpiling wells ready to start pumping as soon as prices rebound. Operators expect natural gas prices to recover next year amid growing LNG export demand and new LNG export plants expected to come online by 2025.

Despite the lowest natural gas prices in the US in years, domestic operators remain optimistic about the long-term prospects for gas as a fuel, both in the US and abroad.

In the domestic market, from April 1, southern gas trading companies announced gas price reduction.

Specifically, after reducing the price of some products of Pacific Petroleum Trading Joint Stock Company (Gas Pacific Petro), the prices are as follows: Gas prices of City Petro, Vimexco, Vina Pacific Petro decreased by 2,500 VND/6kg cylinder to 267,500 VND; 12kg cylinder decreased by 5,000 VND to 476,000 VND; 45kg cylinder decreased by 19,000 VND to 1,785,000 VND; 50kg cylinder decreased by 21,000 VND to 1,981,500 VND.

Gas product prices of Vietnam Gas Liquefied Petroleum Gas Company Limited also decreased. Accordingly, the gas brands Onic Petro, City Petro, Saigon Petro, Petrovietnam, Thu Duc gas, VTgas... have similar reductions to that of Gas Pacific Petro, down 5,000 VND/12kg cylinder, down 19,000 VND/45kg cylinder...

Meanwhile, Saigon Petro said that SP gas price only decreased by 375 VND/kg, equivalent to a decrease of 4,500 VND/12kg cylinder.

According to the Southern Gas Association, the world gas import price under contract (CP price) for April officially closed at 617.5 USD/ton, down 18 USD/ton compared to the previous month, helping to reduce domestic retail gas prices.

Thus, since the beginning of 2024, gas prices have increased 3 times and decreased 1 time. Of which, gas prices increased by 500 VND/kg in January; 417 VND/kg in February and 167 VND/kg in March. On average, each 12kg household gas cylinder increased by about 13,000 VND.

Source: https://congthuong.vn/gia-gas-hom-nay-ngay-942024-nhich-nhe-dau-phien-giao-dich-313620.html