Market declines sharply

Gasoline and diesel prices today, September 16, 2024

According to Oilprice at 5:00 AM on September 16, 2024 (Vietnam time), WTI crude oil was priced at $68.65 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 16 (Vietnam time)

Similarly, Brent crude oil prices stood at $71.61 per barrel, up 0.50% (equivalent to an increase of $0.36 per barrel).

Brent crude oil prices on the world market early morning of September 16 (Vietnam time)

Over the past week, oil futures prices have edged higher after recovering from earlier storm-related declines. Brent crude has risen approximately 0.8% since the end of last week's trading session, while WTI crude has increased 1.4%.

Official figures show the storm reduced oil production by nearly 42% in the region, which accounts for about 15% of total US production. In addition, the number of US oil and natural gas rigs unexpectedly rose to 590, marking the largest weekly increase in a year, according to a report from Energy Services Group Baker Hughes.

Both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have revised down their forecasts for global demand growth due to the impact of the difficult economic situation in China, the world's largest oil importer.

Meanwhile, the U.S. Energy Information Administration reported that U.S. oil inventories increased last week due to a rise in crude oil imports and a decrease in crude oil exports, while fuel demand is showing signs of weakening. Investors are now focusing on the Federal Reserve's two-day policy meeting scheduled for next week, anticipating that the Fed may cut interest rates.

The IEA warned of a slowdown in global oil demand growth, particularly due to China's weakening economy, and projected a potential supply surplus in 2024, even as OPEC+ continues production cuts.

Data released earlier this week showed that China's crude oil imports fell 3.1% from January to August 2024 compared to the same period last year.

Domestic retail gasoline and diesel prices on September 16, 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-1692024-giam-do-ruc-thi-truong-346103.html