Oil prices today 02/05/2025: Crude oil and gasoline inventories surge amid sharp decline in distillate inventories
Gasoline price today February 5, 2025
Recorded on Oilprice at 4:30 a.m. on February 5, 2025 (Vietnam time), WTI oil price was at 72.75 USD/barrel, down 0.63% (equivalent to a decrease of 0.46 USD/barrel).
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| WTI oil price on the world market early morning February 5, 2025 (Vietnam time) |
In contrast, Brent oil price was at 76.17 USD/barrel, up 0.09% (equivalent to an increase of 0.07 USD/barrel).
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| Brent oil price on the world market early morning February 5, 2025 (Vietnam time) |
According to Oilprice.com, earlier this week, the Department of Energy (DoE) reported that crude oil stocks in the Strategic Petroleum Reserve (SPR) increased by 0.3 million barrels as of January 31. The SPR now stands at 395.1 million barrels, a figure that is still nearly 240 million barrels lower than the stockpile before the SPR was withdrawn under the Biden Administration.
At 3:21 p.m. ET, Brent crude was up $0.04 (+0.05%) on the day at $76—down nearly $1.50 a barrel from the same time last week. U.S. benchmark West Texas Intermediate (WTI) was down $0.59 (-0.81%) on the day at $72.57—also down about $1 a barrel from last week.
Adding to the total increase in crude oil inventories this week, gasoline inventories rose by 5.426 million barrels after rising by 1.89 million barrels the previous week. As of last week, gasoline inventories were slightly below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories saw their second-largest decline in a row, falling 6.979 million barrels in the most recent week. The previous week, distillate inventories fell 3.75 million barrels. The latest EIA data shows that distillate inventories were about 9% below the five-year average as of the week ending Jan. 24.
Inventories at Cushing — the benchmark crude oil stored and traded at the main delivery point for U.S. futures contracts in Cushing, Oklahoma — rose by 110,000 barrels after falling by 144,000 barrels the previous week, API data showed.
The American Petroleum Institute (API) estimated that U.S. crude oil inventories rose by 5.025 million barrels in the week ended January 24. Analysts had expected a build of 3.17 million barrels.
Last week, the API reported a 2.86 million barrel increase in US crude oil inventories, while gasoline inventories rose sharply for the second consecutive week.
According to API inventory data, US crude oil inventories fell by more than 12 million barrels in 2024, and this downward trend continued after the new year.
Domestic retail gasoline prices on February 5, 2025 will be applied according to the adjustment session from 3:00 p.m. on February 1 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
RON 95 gasoline | 21,000 | -140 |
E5 RON 92 gasoline | 20,390 | -200 |
Diesel | 19,240 | -950 |
Oil | 19,430 | -608 |
Fuel oil | 17,500 | -250 |
Specifically, the price of RON 95-III gasoline (a popular type on the market) decreased by 140 VND, to 21,000 VND per liter. E5 RON 92 also decreased by 200 VND, to 20,390 VND. Compared to 7 days ago, diesel oil decreased by 950 VND, to 19,240 VND. Kerosene and fuel oil have new prices of 19,430 VND and 17,500 VND, respectively.
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| Gasoline prices today February 5, 2025. Photo by Dinh Tuan |
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 2025 until now, domestic gasoline prices have undergone 5 adjustment sessions, including 1 decrease, 3 increases and 1 opposite session.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-05022025-tang-giam-trai-chieu-372265.html
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