Oil and gas prices today September 14th: Struggling to find support

Source

In the context that the covid-19 epidemic is still a hindrance to the prospect of improving energy demand, oil and gas prices today are still under high pressure of reducing.

As the early morning of September 14^th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at 37.69 USD / barrel, up 0.04 USD / barrel in the session.

Meanwhile, the price of Brent oil delivered in November 2020 was at 39.79 USD / barrel, down 0.04 USD / barrel.

Oil prices on September 14^th have not been significantly improved as concerns about the Covid-19 epidemic continue to create a major obstacle to efforts to improve the supply-demand balance in the market.

When the expectation on economic stimulus and support packages is raised, doubts about the ability to absorb economic stimulus and support packages are also growing. Analysts said that after a period of stressing “fighting” with epidemics, the global commodity supply chain was broken, the consumption capacity of the economy was reduced, it would take a long time. element on one is restored.

Second, prolonged epidemics are leading to a wave of corporate bankruptcy on a large scale in many economies. This means that the economic stimulus and support packages, if enacted, will also flow into a number of corporations, large companies or some “big guys” on the stock market … instead of flowing into production sector, and so does not help improve energy demand, including crude oil. This fact makes oil prices continue to be under great pressure on the demand side.

The fact that OPEC + continues to make drastic moves to implement production reduction commitments is not high expectation when oil supply in some regions tends to increase. Meanwhile, the consumption of crude oil of some countries such as the US, China is showing signs of slowing down …

The pressure on both sides of supply and demand, while the market has not yet produced a new effect, made the oil price on September 14 still struggled to go up, even tended to fall.

On the domestic market, today’s oil and gas price are as follows: The gasoline price E5 RON 92 is not higher than 14,266 VND / liter (down 143 VND / liter compared to the current price); RON 95-III gasoline price is not higher than 14,984 VND / liter (down 130 VND / liter); 0.05S diesel oil is not higher than 11,518 VND / liter (down 443 VND / liter); kerosene is not higher than 9,593 VND / liter (down 532 VND / liter); mazut oil 180CST 3.5S not more than 10,943 VND / kg (down 240 VND / kg).