Oil prices reverse course and fall sharply.

Gasoline and diesel prices today, September 14, 2024

According to Oilprice at 5:00 AM on September 14, 2024 (Vietnam time), WTI crude oil was priced at $69.24 per barrel, down 0.46% (equivalent to a decrease of $0.32 per barrel).

WTI oil prices on the world market early morning of September 14th (Vietnam time)

Conversely, Brent crude oil prices stood at $72.18 per barrel, up 0.29% (equivalent to an increase of $0.21 per barrel).

Brent crude oil prices on the world market in the early morning of September 14th (Vietnam time)

Oil prices fell today as crude oil production in the U.S. Gulf of Mexico resumed following Hurricane Francine and data showed an increase in the number of U.S. drilling rigs this week.

Bob Yawger, director of energy futures at Mizuho in New York, said that as oil production and refining on the U.S. Gulf Coast resumed, investors opted to sell off oil contracts over the weekend.

Yawger said: " You could come back on Monday and everything would be fine – refineries operating at 100%, everyone back on the rigs, oil and gasoline flowing out of the refineries – and the market would likely crash ."

This week, oil futures prices rose after a sharp surge earlier in the week related to the hurricane, breaking a losing streak. Brent recorded gains of around 0.8% since the close of trading last Friday, while WTI recorded gains of around 1.4%.

Official data shows that as of Thursday, the storm had nearly reduced oil production by 42% in the region, which accounts for about 15% of US production.

Ritterbusch stated: "These cuts are expected to be short-lived and, in the broader context, are unlikely to cause much volatility in the crude oil balance, given that shale production accounts for the majority of U.S. output."

Crude oil prices were also affected by US rig numbers from energy services firm Baker Hughes, which reported the largest weekly increase in oil and natural gas rigs in a year.

The number of oil and gas drilling rigs increased by eight in the week ending September 13th to 590, returning to mid-June levels. This is the largest increase since the week ending September 15th, 2023. The number of crude oil drilling rigs increased by five to 488 this week, while the number of gas drilling rigs increased by three to 97.

Also that week, money managers cut their net long positions in New York and London crude oil futures and options by 27,493 contracts to 59,741 contracts for the week ending September 10, according to the U.S. Commodity Futures Trading Commission.

This week, both the Organization of Petroleum Exporting Countries and the International Energy Agency lowered their demand growth forecasts, citing economic difficulties in China, the world's largest oil importer.

The Energy Information Administration said on Wednesday that U.S. oil inventories also rose broadly last week due to increased crude oil imports and decreased crude oil exports, while fuel demand weakened.

Investors are now looking ahead to the two-day policy meeting of the U.S. Federal Reserve next week. It is widely expected that they will cut interest rates on Wednesday.

Domestic retail gasoline and diesel prices on September 14, 2024, are applied according to the adjustment made at 3 PM on September 12 by the Joint Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference compared to the 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 1,089 VND/liter, to 18,890 VND/liter; RON 95 gasoline decreased by 1,192 VND/liter, to 19,635 VND/liter.

Diesel fuel 0.05S decreased by 927 VND/liter, to 17,165 VND/liter; kerosene decreased by 934 VND/liter, to 17,790 VND/liter; fuel oil 180CST 3.5S decreased by 688 VND/kg, to 14,467 VND/kg.

Domestic fuel prices will be adjusted from 3 PM on September 12th. (Illustrative image)

During this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or utilize the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.

According to Reuters, in its recently released monthly report, the Organization of Petroleum Exporting Countries (OPEC) said that global oil demand will increase by 2.03 million barrels per day this year, down from its forecast of 2.11 million barrels per day last month.

However, contrary to OPEC's forecast, the US Energy Information Agency (EIA) predicts that global oil demand is expected to average around 103.1 million barrels per day in 2024, 200,000 barrels per day higher than its previous forecast of 102.9 million barrels per day.

Since the beginning of 2024, domestic gasoline prices have undergone 36 adjustments, including 19 decreases, 15 increases, and 3 changes.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-1492024-gia-dau-quay-xe-giam-sau-345799.html