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| Gasoline prices today, June 2: 'Catching the wave' from the US, prices recover, domestic gasoline exceeds 22,000 VND/liter. (Source: Reuters) |
Crude oil futures prices recovered in the trading session on June 1 amid market optimism about the US debt ceiling agreement.
US light sweet crude (WTI) for July 2023 delivery rose $2.01 (2.95%) to $70.10 a barrel on the New York Mercantile Exchange. Brent crude for August 2023 delivery also rose $1.68 (2.31%) to $74.28 a barrel on the London ICE Futures Exchange.
On May 31, the US House of Representatives passed a debt ceiling bill with the contents previously agreed upon by President Joe Biden and House Speaker Kevin McCarthy after weeks of negotiations. The bill passed with 314 votes in favor and 117 against. The bill will be sent to the Senate for discussion and a vote, possibly by the end of next week.
Optimism about the debt ceiling deal appears to be keeping the oil market on its toes, said Phil Flynn, senior analyst at The PRICE Futures Group. Hopes that the U.S. will avoid a debt default have helped the market ignore the surge in U.S. crude supplies.
US commercial crude oil inventories rose by 4.5 million barrels in the week ended May 26, contrary to market expectations for a decline, according to data released by the US Energy Information Administration on Thursday (June 1).
Market focus also shifted to the June 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, collectively known as OPEC+.
“The OPEC+ meeting this weekend could lead to some caution around (low) levels, especially given the ‘caution’ warning from the Saudi energy minister,” said OANDA analyst Craig Erlam.
Reuters quoted OPEC+ sources as saying the alliance was unlikely to deepen supply cuts at its meeting on Sunday, but some analysts said that was still likely given disappointing demand indicators from China and the United States in recent weeks.
US crude oil inventories unexpectedly rose last week as imports surged and strategic reserves fell to their lowest level since September 1983, according to data from the US Energy Information Administration (EIA).
According to the Ministry of Industry and Trade - Ministry of Finance, the gasoline price adjustment period on June 1 recorded mixed increases and decreases in gasoline prices. While the selling prices of gasoline products continued to increase as in the previous period, the selling prices of oil products decreased slightly.
The world oil market in this adjustment period (May 22 - June 1) is affected by many factors such as: OPEC+'s production cut; concerns about the US debt ceiling; stagnant industrial activities and higher interest rates increasing the risk of economic recession... These factors have caused oil prices to fluctuate.
Also in this management period, the Ministry of Industry and Trade - Ministry of Finance decided to keep the same level of the Petroleum Price Stabilization Fund for all petroleum products as the previous period and continue not to spend the fund for all petroleum products.
Gasoline/oil | Change | Price not higher |
Gasoline RON95-III | + 516 VND/liter | 22,015 VND/liter |
Gasoline E5RON92 | + 390 VND/liter | 20,878 VND/liter |
Diesel 0.05S | - 11 VND/liter | 17,943 VND/liter |
Oil | - 198 VND/liter | 17,771 VND/liter |
Mazut oil 180CST 3.5S | - 275 VND/kg | 14,883 VND/kg |
This price will take effect from 3:00 p.m. on June 1. Since the beginning of 2023, gasoline prices have been adjusted 16 times, including 9 increases, 6 decreases, and one unchanged.
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