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| Today's gasoline prices, January 19, Brent and WTI oil prices have reversed and decreased slightly. Domestically, RON 95-III gasoline prices increased the most, by 547 VND/liter at the management session on the afternoon of January 18. (Source: Vietnamnet) |
According to Dailyfx , at 5:30 a.m. on January 19 (Vietnam time), Brent and WTI oil prices reversed and decreased slightly. At the end of the trading session on January 18, oil prices "pocketed" approximately 2%.
Brent crude futures rose $1.22, or 1.6%, to $79.10 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.52, or 2%, to $74.08 a barrel.
Prices rose after the International Energy Agency (IEA) and OPEC forecast strong growth in global oil demand and as cold winter weather disrupted US crude output while US crude inventories fell sharply.
Oil traders are also worried about geopolitical risks in the Middle East. Pakistan's foreign ministry said it had carried out strikes targeting Baluchi militants in Iran.
This new move by Pakistan comes just two days after Iran launched an attack on Pakistani territory.
According to the US Energy Information Administration (EIA), in the week ending January 12, US crude oil inventories decreased by 2.5 million barrels, in contrast to the data released by the American Petroleum Institute a day earlier, which showed an increase of 480,000 barrels.
Meanwhile, the IEA's monthly report forecast oil demand to increase by 1.24 million barrels per day this year, up 180,000 barrels per day from its previous forecast.
OPEC also projected demand growth of 2.25 million barrels per day this year, unchanged from its forecast in December. The producer group also said oil demand is expected to rise sharply by 1.85 million barrels per day in 2025 to 106.21 million barrels per day.
In the US, extreme cold weather has caused oil production in North Dakota to drop by about 40%.
The volatility in oil prices in recent days further shows that investors are ignoring concerns that oil tankers could be at risk from attacks in the Red Sea, said Ehsan Khoman, an analyst at MUFG bank.
Ship tracking data shows that oil tankers that were diverted from the Red Sea have returned and passed through the Bab al-Mandab Strait, despite tensions in the region that continue to disrupt global shipping and trade.
“The unrest in the Middle East has pushed up freight and insurance rates significantly but has not yet impacted total global oil supplies beyond delaying shipments to Europe and other regions,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.
While US oil inventories fell, gasoline and distillate inventories continued to rise. Specifically, gasoline inventories increased by 3.1 million barrels; distillate inventories increased by 2.4 million barrels.
Domestic retail prices of gasoline on January 19 are as follows:
E5 RON 92 gasoline is not more than 21,418 VND/liter. RON 95-III gasoline is not more than 22,482 VND/liter. Diesel oil not more than 20,194 VND/liter. Kerosene not more than 20,536 VND/liter. Fuel oil not exceeding 15,508 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of January 18. In this adjustment, the price of RON 95-III gasoline increased the most, by 547 VND/liter. Notably, while diesel and kerosene both increased in price, fuel oil was adjusted down by 307 VND/kg.
This is the second increase in gasoline prices since the beginning of the year.
In this management session, the joint ministries continued to criticize the establishment of the Price Stabilization Fund for fuel oil, 300 VND/liter; not deducting from the Price Stabilization Fund for gasoline, diesel and kerosene; not using the fund for all gasoline products.
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