World raw material prices fluctuate in opposite directions.

Commodity market today, June 7, 2024: Prices of raw materials recover strongly Commodity market today, June 10, 2024: A series of raw materials in the world decrease sharply

Green dominated the energy and metal price charts. Meanwhile, agricultural products and industrial raw materials were under pressure. However, in general, buying power prevailed, supporting the MXV-Index to close the day with a 0.55% recovery to 2,291 points.

Thị trường hàng hóa hôm nay ngày 11/6/2024: Giá hàng hoá nguyên liệu thế giới biến động trái chiều

Oil prices rise to one-week high

Closing on June 10, oil prices regained momentum, recovering strongly to the highest level in the past week. Specifically, WTI oil prices increased by 2.93% to 77.74 USD/barrel. Brent oil increased by 2.52% to 81.63 USD/barrel.

MXV said oil prices received strong support from expectations of increased fuel demand during the peak travel season, amid concerns that supply remains limited due to the oil pump tightening policy of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Energy Price List

Analysts forecast Brent crude oil prices will rise to $86 a barrel this summer amid strong consumer demand that will leave the market in deficit by 1.3 million barrels a day in the third quarter, according to a report by Goldman Sachs.

The Wall Street bank revised its oil demand growth estimate this year up by 200,000 barrels per day to 1.25 million barrels per day, highlighting positive jet fuel demand.

Goldman Sachs also said Brent crude oil prices will find support in the $75/bbl region, as physical demand for crude oil tends to increase amid lower prices, including in China and the US to replenish the Strategic Petroleum Reserve (SPR). Over the weekend, the US Department of Energy announced two additional SPR purchase offers, including 1.5 million barrels for September delivery and an additional 4.5 million barrels for October, November and December. This pushed oil prices up sharply yesterday.

Energy consultancy FGE also expects oil prices to recover, with prices averaging around $80 a barrel in the third quarter.

The trend of OPEC+ production cuts right in the peak consumption season of the third quarter has significantly supported oil prices. Meanwhile, the output of the world's largest producer, the US, is assessed to have a downward trend next year, further emphasizing the risk of supply shortage.

US oil production will fall by about 1 million barrels a day in the second half of 2025 unless rig counts rise significantly, according to Bloomberg. The shale boom has pushed the US to produce more crude than any other country ever, but growth is expected to slow. Surveys show US oil production will remain at 12-13 million barrels a day for the next six to nine months, and if rig counts don’t rebound significantly, output could fall further.

Weak cotton prices

Cotton prices fell sharply by nearly 3% to a 20-month low. Weak demand for U.S. cotton, combined with a stronger dollar, put double pressure on prices. In its weekly export report ending May 30, the U.S. Department of Agriculture (USDA) said that cotton exports for the week fell 9% from the previous week and 27% from the four-week average, to 157,000 bales. The lower exports were largely due to lower sales earlier in the week as demand weakened.

Industrial raw material price list

In addition, the Dollar Index has increased sharply in the last two sessions, making the cost of investing and holding cotton more expensive. This has also contributed to significantly limiting the buying power of cotton in yesterday's session.

Prices of some other goods