Oil prices surged.
According to MXV's observations, the energy sector was a bright spot in the commodities market yesterday, experiencing overwhelming buying pressure across all five commodities in the group, significantly contributing to the overall market's positive momentum. Crude oil stood out, recording gains of over 4%.
Specifically, Brent crude oil prices have returned above $76.45 per barrel, equivalent to a 4.4% increase, while WTI crude oil prices surged 4.28%, reaching $74.84 per barrel – the highest level since the beginning of this year.
Yesterday, tensions between Israel and Iran continued to escalate, raising growing concerns among investors about the potential disruption of oil supplies from Iran and neighboring Gulf states. While no major damage has been reported to Iran's oil production and export infrastructure, the collision and fire involving two oil tankers near the Strait of Hormuz amidst increased electronic interference has fueled fears that this strategic import and export route could be shut down at any time.
If a blockade of the Strait of Hormuz becomes a reality, global energy prices risk skyrocketing. According to data from the consulting firm Vortexa, an average of 20 million barrels of crude oil and related energy products are transported daily through this route from Gulf countries to the world market, accounting for nearly 20% of total global crude oil flow. Furthermore, natural gas would also be severely impacted, as Qatar – one of the world's largest suppliers of liquefied natural gas (LNG) – relies almost entirely on the Strait of Hormuz for its exports.
Simultaneously, the latest report from the American Petroleum Institute (API) also supported the upward trend in oil prices, noting a sharp decline in US commercial crude oil inventories for the week ending June 13th, with a drop of 10.1 million barrels – significantly higher than the slight decrease of 337,000 barrels the previous week. In addition, US gasoline inventories were estimated by the API to have decreased by 202,000 barrels last week. This is seen as an optimistic sign for the energy market, indicating a clear recovery in fuel demand in the US.
In other news, the International Energy Agency (IEA) has just released its June oil market report with notable adjustments to its global supply and demand outlook. Accordingly, the IEA further lowered its forecast for global oil demand growth this year to 720,000 barrels per day, down from the 740,000 barrels per day forecast in the previous month's report. At the same time, the IEA also raised its forecast for global supply growth from 1.6 million barrels per day to 1.8 million barrels per day. These adjustments indicate that the IEA continues to maintain its view on the risk of oversupply in the oil market in the near future, as the rate of supply growth far exceeds the rate of demand growth.
Besides the energy market, the agricultural sector also recorded positive signs. Specifically, two legume products, soybeans, saw price increases of over 0.4% to $394/ton; and soybean meal also increased by 0.49% to $314.27/ton. This upward trend was driven by positive supply and demand signals within the market.
Source: https://baochinhphu.vn/chi-so-mxv-index-bat-len-vung-2300-diem-102250618090417041.htm
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