Oil and gas prices today September 8th: Continue downward trend

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The prospect of economic recovery is difficult, while Saudi Arabia plummeted oil prices, causing gasoline prices today tending to decrease.

As the early morning of September 8^th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at 39.62 USD / barrel, down 0.53 USD / barrel in the session.

Meanwhile, the price of Brent oil delivered in November 2020 was at 42.89 USD / barrel, down 0.57 USD / barrel during the session.

Oil prices on September 8^th tended to decrease in the context that the crude oil market recorded many negative information.

As noted, German industrial output in July 2020 increased only 1.2%, the third consecutive month of increase, but much lower than the forecast of 4.7% and the figures of June 2020 was 9.3%.

Brexit problem “heated up” again when the trade negotiations between the UK and the European Union were in danger of not having results, causing the British Pound to plummet. The Financial Times reported on Monday that the UK government is planning a new law that will replace key parts of the Brexit Agreement.

In Asia, China, the largest crude oil importer in the world, recorded a USD-denominated export turnover in August 2020 growing by 9.5% over the same period last year, but imports decreased by 2, 1% over the same period, including energy commodities.

Oil prices today are also under strong pressure to reduce prices because Saudi Arabia has sharply reduced crude oil prices in October 2020 to Asia.

Elsewhere, other reason was because of forecasts for a sharp decline in demand this year. Specifically, Russian Energy Minister Alexander Novak recently said that global oil demand is forecast to decrease by about 9-10 million barrels / day this year.

Speaking at the Global Manufacturing and Industrialization Summit (GMIS) on September 4^th, Mr. Novak also emphasized that the market situation is now clearer than in April and the demand has already started recovery from a low level, but there are still many uncertainties ahead, mainly due to the impact of the Covid-19 pandemic.

The Russian Energy Minister forecasts that the average oil price next year will fluctuate from 50 to 55 USD / barrel, with many fluctuations.

In the domestic market, today’s oil and gas prices are as follows: E5 RON92 gasoline price is not higher than 14,409 VND / liter; gasoline price RON95-III is not higher than 15,114 VND / liter; Diesel oil price of 0.05S is not higher than 11,961 VND / liter; kerosene price is not higher than 10,125 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.