Gasoline prices today September 15: Slight increase despite oversupply pressure

Despite the pressure of global oversupply and signs of weakening demand, oil prices rose slightly at the beginning of the week. Data also shows that domestic gasoline prices may fluctuate in opposite directions this week.

On the morning of September 15, at 7:20 a.m. (Vietnam time), world oil prices edged up slightly. WTI oil traded at 62.77 USD/barrel, while global benchmark Brent oil traded above 67 USD/barrel.

The global crude oil market is showing signs of a slight recovery. China is expected to continue stockpiling crude oil into next year, but even a massive buying spree from the world’s top crude importer is unlikely to be enough to support oil prices above $60 a barrel as a massive supply glut looms over the market in the coming months.

After a slow start, China began to ramp up crude imports in the second quarter and has maintained high levels ever since. Analysts say the main driver is crude oil stockpiling, not a significant recovery in demand. However, unlike the US, China does not publish its oil inventories, so analysts often look at overall supply and refinery processing capacity to estimate demand from the world's second-largest crude oil importer.

World oil prices edged up slightly at the beginning of the week. PHOTO: REUTERS

So, it is China's increased crude oil imports that have supported oil prices despite increased production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) and concerns about global oil demand. According to analysts, one of the main factors that is putting pressure on oil prices is OPEC+'s increased oil production in October - a step in the group's strategy to recover market share, but putting great pressure on oil prices.

Based on the forecast of a nearly 2 million barrel/day oversupply in the data, Goldman Sachs predicts oil prices will fall to around $53-$56/barrel next year, however, the forecast is still slightly tilted to the upside.

Domestically, given the rather complicated developments in the market, some key traders predict that this week's gasoline prices will have mixed trends of increase and decrease, but the price fluctuations will not be significant./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-1592025-tang-nhe-bat-chap-ap-luc-du-cung-185250915080019819.htm

Source: https://baolongan.vn/gasoline-price-hom-nay-15-9-tang-nhe-bat-chap-ap-luc-du-cung-a202502.html