Gasoline price today September 16: Slight recovery

Today's oil price, September 16, according to Oilprice, at 5:30 a.m. on September 16 (Vietnam time), Brent and WTI oil prices both increased slightly, approximately 30 cents.

Today's oil and gas prices, September 16, according to Oilprice , at 5:30 a.m. on September 16 (Vietnam time), Brent and WTI oil prices both increased slightly, approximately 30 cents. (Source: Reuters)

Last week, oil prices recorded a “climbing” week after 3 weeks of “falling”. However, the increase was quite modest with Brent oil increasing about 0.8%, WTI oil increasing about 1.4%.

Oil prices were volatile last week following reports related to oil demand and the progress of Hurricane Francine in the Gulf of Mexico.

Oil prices rose on concerns about a drop in offshore US oil production due to the storm. But they later fell as production was restored after the storm (in the final trading session of the week).

During the week, while the Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for world oil demand this year by 0.08 million barrels to an increase of 2.03 million barrels/day and global demand in 2025 to increase by 1.74 million barrels/day, down 0.04 million barrels compared to the previous forecast, the US Energy Information Administration (EIA) forecast that global oil demand will increase to a record level this year: reaching an average of about 103.1 million barrels/day, higher than the previous forecast of 102.9 million barrels/day.

Notably, data from the EIA showed that US gasoline and oil inventories increased by 833,000 barrels and 2.3 million barrels, respectively, while inventories recorded a sharp decline in the previous week.

This week, all eyes will be on the US Federal Reserve's two-day policy meeting, starting on September 17. The market is expecting the Fed to cut interest rates sharply. In addition, other important economic data such as regional manufacturing data, housing market data, retail sales figures, monetary policy decisions by the Bank of England and the Bank of Japan will also have a certain impact on oil prices.

Domestic retail prices of gasoline on September 16 are as follows:

E5 RON 92 gasoline is not more than 18,890 VND/liter.

RON 95-III gasoline is not more than 19,635 VND/liter.

Diesel oil not more than 17,165 VND/liter.

Kerosene not more than 17,790 VND/liter.

Fuel oil not exceeding 14,467 VND/kg.

The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of September 12.

The price of E5 RON 92 gasoline decreased by VND1,089/liter, RON 95-III gasoline decreased by VND1,192/liter, diesel oil decreased by VND927/liter, kerosene decreased by VND934/liter, and fuel oil decreased by VND688/kg. This is the fourth consecutive decrease in domestic gasoline prices and also the deepest decrease in the last four adjustments.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-169-phuc-hoi-nhe-286496.html