Gasoline price today September 6, 2024: Domestic and international prices decrease together
Gasoline price today September 6, 2024: In the adjustment period on September 5, domestic gasoline prices decreased slightly. Oil prices are currently at their lowest level in 14 months.
World oil price today 9/6/2024
At 5:30 a.m. on September 6, 2024, the price of WTI crude oil stood at 69.32 USD per barrel, down slightly by 0.05 USD compared to before, or down 0.07%.
Brent oil prices rose slightly again, reaching $72.88 per barrel, up $0.18, or 0.25%.
Oil prices are now at 14-month lows as falling demand in the United States and China, along with rising supply from Libya, offset a large drawdown in U.S. oil inventories and delays in OPEC+ output increases.
Brent crude oil prices have closed at their lowest since June 2023 for two consecutive days, while WTI crude oil prices have been at their lowest since December 2023 for three consecutive days.
The U.S. Energy Information Administration reported that energy companies withdrew 6.9 million barrels of crude oil from storage in the week ended August 30, much higher than the 1 million barrels analysts expected and close to the 7.4 million barrels forecast by the American Petroleum Institute.
OPEC+ has decided to postpone plans to increase oil production in October and November, and has not ruled out the possibility of further postponement or even reduction of production if necessary.
Analysts from Jefferies, a US investment banking firm, said the OPEC+ decision would tighten supply in the fourth quarter by 100,000 to 200,000 barrels per day and could prevent crude oil from being stored, even if demand from China does not increase.
Bob Yawger, an energy expert, said the market is not too concerned about the OPEC+ news. He explained that oil prices could fall without the OPEC+ chaos because if there is no demand for gasoline, there is no need to produce gasoline from crude oil.
Recently, gasoline prices in the United States fell to their lowest level since March 2021 after energy companies unexpectedly increased gasoline reserves by 0.8 million barrels.
In Libya, despite political disagreements and limited oil production, some vessels are still allowed to take crude oil from OPEC reserves, showing flexibility in oil supply.
Domestic gasoline prices today September 6, 2024
From 3:00 p.m. on September 5, fuel prices have been adjusted as follows:
- E5RON92 gasoline decreased by 353 VND, new price is not more than 19,979 VND/liter.
- RON95-III gasoline decreased by 282 VND, new price not exceeding 20,827 VND/liter.
- Diesel 0.05S decreased by 385 VND, new price is not more than 18,092 VND/liter.
- Kerosene decreased by 341 VND, new price is not more than 18,724 VND/liter.
- Mazut oil 180CST 3.5S decreased by 407 VND, new price is not more than 15,155 VND/kg.
During this operating period, there was no provision or expenditure from the Petroleum Price Stabilization Fund for fuel products.
Global fuel prices have been volatile recently due to a number of factors: Expected oil supply from Libya and OPEC+ countries to increase. China's oil demand remains low. The ongoing conflict between Russia and Ukraine.
Although there are fluctuations, the general trend is downward.
