World oil prices continue to rise

World oil prices continued to increase slightly on the morning of August 13 (Vietnam time). Specifically, WTI crude oil prices increased by 0.45% (equivalent to an increase of 0.37 USD/barrel), to 83.04 USD/barrel, Brent oil prices increased by 0.47% (equivalent to an increase of 0.41 USD/barrel), to 86.73 USD/barrel.

The Energy Information Administration (IEA) estimates that global oil demand hit a record 103 million barrels per day in June, a record that is likely to be broken. The agency added that if current OPEC+ targets remain in place, global oil inventories would fall by 2.2 million barrels per day in the third quarter and by about 1.2 million barrels per day in the fourth quarter.

In addition, production cuts from Saudi Arabia and Russia have set the stage for a sharp drawdown in inventories for the remainder of 2023 and pushed oil prices higher. Russian crude oil and petrochemical exports remained stable in July at 7.3 million barrels per day. Russia's crude oil exports are largely destined for two markets, China and India (accounting for 80% of oil exports).

Despite the slowdown in China’s economy in July, from imports of goods to oil imports, analysts remain optimistic about the outlook for fuel demand in the country of a billion people, citing peak construction and manufacturing activity in early September as well as summer travel demand.

Domestic retail gasoline prices on August 13 were applied according to the August 11 management session of the Joint Ministry of Finance - Industry and Trade.

Pepper prices will recover by the end of the year

Pepper prices today, August 13, in the domestic market remained stable. Accordingly, pepper prices in the Central Highlands fluctuated around 71,000 - 72,000 VND/kg. In the Southeast region, pepper prices today remained stable.

Domestic pepper prices have just gone through a week of stability in the Central Highlands and a slight decrease of 500 VND/kg in the Southeast.

The report of the Vietnam Pepper and Spice Association shows that the pepper export volume in the past 6 months shows that this year's volume is not much, it is expected that by the end of August, all of the 2023 output will be exported, so it is possible to hope for a positive impact on the market in the last months of the year.

The global pepper community IPC commented that this week the pepper market had mixed reactions when only domestic white pepper prices in Malaysia were reported to have decreased. Indian pepper prices have continued to trend upward since mid-July 2023. Demand for the upcoming festival season in India has led to shortages and pushed up prices of this spice in the South Asian country. Along with that are concerns about weather conditions that will reduce the yield of the next crop.

Pig price fluctuates from 57,000 - 63,000 VND/kg

Pig prices today are broadly stable and fluctuate between 57,000 - 63,000 VND/kg.

Accordingly, in the Northern region, the price of live pigs today, August 13, remained stable across the board and fluctuated between 62,000 - 63,000 VND/kg; in the Central - Central Highlands region, it fluctuated between 58,000 - 62,000 VND/kg; in the Southern region, it fluctuated between 57,000 - 59,000 VND/kg.

Overall, last week, pig prices fluctuated in opposite directions. After increasing at the beginning of the week, pig prices decreased slightly at the end of the week and then remained stable.

Thus, after reaching the highest peak since the beginning of the year at 67,000 VND/kg (from July 5 to 13, 2023), prices have tended to decrease slightly in the past 2 weeks.

Experts are also cautious in making forecasts about pig prices in the coming time. According to the cycle, pig prices often increase in the third and fourth quarters of each year. Many opinions say that pig prices will continue to remain at the current level or increase slightly in the coming time, but it is unlikely to exceed the 70,000 VND/kg mark.