Oil prices today 11/13/2024: Oil prices held near a two-week low after OPEC cut its demand outlook and the US dollar strengthened.
Gasoline price today November 13, 2024
Recorded on Oilprice at 5:00 a.m. on November 13, 2024 (Vietnam time), WTI oil price was at 67.99 USD/barrel, down 0.07% (equivalent to a decrease of 0.05 USD/barrel).
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| WTI oil price on the world market in the early morning of November 13, 2024 (Vietnam time) |
Similarly, Brent oil price was at 71.75 USD/barrel, down 0.11% (equivalent to a decrease of 0.08 USD/barrel).
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| Brent oil price on the world market at dawn on November 13, 2024 (Vietnam time) |
Oil prices held at a two-week low on Tuesday after falling about 5% in the past two sessions as investors digested OPEC’s latest downward revision to demand growth, a stronger dollar and disappointment over China’s latest stimulus plan.
On Monday, both crude benchmarks closed at their lowest prices since October 29.
“ The normal trend for crude oil prices after a sharp decline is to recover to the midpoint of the previous day within a few sessions, ” analysts at energy consultancy Ritterbusch and Associates said in a note.
OPEC has cut its forecast for global oil demand growth in 2024 and also lowered its forecast for next year, marking the producer group's fourth straight downward revision.
The weaker outlook highlights the challenge facing OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia. This month, the group postponed plans to start increasing output in December amid falling prices.
“With China’s demand remaining subdued, OPEC’s supply intervention has not had the desired impact, except to maintain a floor for Brent at $70,” said Gaurav Sharma, an independent oil analyst in London.
OPEC said global oil demand will grow by 1.82 million barrels per day (bpd) in 2024, down from its forecast of 1.93 million bpd growth last month. The group also cut its estimate for global demand growth in 2025 to 1.54 million bpd from 1.64 million bpd.
OPEC remains at the top of industry estimates and has a long way to go to reach the International Energy Agency's much lower view.
Harry Tchilinguirian, head of research at Onyx Capital Group, said OPEC's forecast of strong growth in China " stands in contrast to other forecasters who have significantly reduced their estimates by the end of 2024 given China's poor macroeconomic performance and disappointing fiscal stimulus ."
China on Friday announced a 10 trillion yuan ($1.4 trillion) debt package to ease local government finances. Former Republican President Donald Trump, who won the U.S. presidential election on Nov. 5, has threatened to impose more tariffs on Chinese goods.
China's plan falls short of the amount needed to boost economic growth, analysts say.
Another factor that could limit oil demand growth is the foreign policy team Trump is assembling. Trump is expected to pick U.S. Senator Marco Rubio as secretary of state, sources said. Rubio has advocated a tough foreign policy toward U.S. geopolitical foes, including China, Iran and Cuba, over the years.
“ The foreign policy team (which may include Rubio) is being brought in to tighten its grip on China, which would threaten the growth in oil demand from the world’s largest oil importer,” Bob Yawger, director of energy futures at Mizuho, said in a report .
Domestic retail gasoline prices on November 13, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 7 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,744 | +336 |
RON 95 gasoline | 20,854 | +351 |
Diesel | 18,917 | +769 |
Oil | 19,294 | +461 |
Fuel oil | 16,394 | -67 |
Specifically, the price of E5 RON 92 gasoline increased by VND336/liter, to VND19,744/liter; RON 95 gasoline increased by VND351/liter, to VND20,854/liter.
Diesel 0.05S price: Increased by 769 VND/liter, at 18,917 VND/liter; Kerosene increased by 461 VND/liter, at 19,294 VND/liter; Mazut 180CST 3.5S decreased by 67 VND/kg, down to 16,394 VND/kg.
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| Gasoline price today November 13, 2024. Illustration photo |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 44 adjustment sessions, including 21 decrease sessions, 18 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-13112024-gia-dau-giu-muc-thap-nhat-gan-2-tuan-358414.html
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