Energy prices record a steady upward trend.

Buying pressure dominated the energy and industrial materials sectors. Meanwhile, the metal and agricultural commodity markets were mostly in the red. The MXV-Index fluctuated within a narrow range, closing the day with a slight increase of 0.06% at 2,291 points.

With 4 out of 5 commodities closing higher, the energy sector played a leading role in driving market trends on June 11th. Notably, the MXV-Index Energy, which measures the volatility of commodities in the group, recorded a 5-day winning streak, indicating a relatively stable upward trend in energy prices recently.

Natural gas reaches a 6-month peak, crude oil rises on consumption outlook.

At the close of trading on June 11, natural gas prices surged by more than 7%, surpassing the $3 per million British thermal units mark for the first time since November 2023.

MXV stated that natural gas prices received strong buying interest immediately after the North American Electric Power Council's annual report highlighted the increased risk of energy shortages in several US states due to hotter summer temperatures.

Adding to the support, the U.S. Energy Information Agency (EIA) in its latest estimate raised the Henry Hub spot price for natural gas in 2024 to $2.46 per million British thermal units from the previous forecast of $2.18 per million British thermal units, citing lower-than-average production and below-average summer storage pumping levels.

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: the US Energy Information Agency (EIA) raised its forecast for global oil demand growth this year, and OPEC maintained its forecast for relatively strong growth in 2024, contributing to price support. At the close of trading, WTI crude rose 0.21% to $77.90 per barrel, while Brent crude increased 0.36% to $81.92 per barrel.

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

Regarding supply, the EIA now forecasts global oil production at approximately 102.6 million barrels per day, compared to the 102.8 million barrels per day forecast in May. This adjustment was made because the Organization of 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 indicated a market deficit of approximately 320,000 barrels per day. This fueled buying activity in the market.

Also yesterday, OPEC's June oil market report maintained its 2024 forecast of positive oil demand growth, citing expectations of increased 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 whole year.

Early this morning, Vietnam time, the American Petroleum Institute (API) reported that commercial oil inventories fell by 2.43 million barrels in the week ending June 7th, amid the start of the peak driving season. This has also provided impetus for oil prices to continue rising.

Wheat prices ended a nine-day losing streak.

The agricultural commodities market showed mixed performance. Corn and soybean prices reversed course and weakened. Meanwhile, wheat prices were a bright spot, recording a sharp increase of over 3% yesterday, ending a nine-day losing streak. MXV stated that renewed concerns about the crop situation in Russia were the main factor driving buying activity in the market.

Agricultural Product Price List

The Russian Grain Union (RGU) reports that May frosts damaged approximately 15-30% of the country's winter grain crop area. The extent of the damage varies by region and is significantly higher than the 1% forecast by the Russian Ministry of Agriculture . Previously, the agency estimated that around 1 million hectares of crops – equivalent to 1.2% of the area planted for the 2024 harvest – were damaged. Furthermore, the weather outlook for Russia in the coming period is not very promising, and this figure could continue to rise.

On the domestic market, the selling prices of Australian, EU, and South American wheat imported to Vietnam remained relatively stable. As of yesterday, June 11th, at Vung Tau port, the price of wheat futures for June delivery 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