Oil prices today, February 19, ended the trading session on February 18, oil prices extended their upward trend due to increasing supply disruptions in Russia and the US. Brent crude oil prices increased by 62 cents, equivalent to 0.8%, to 75.84 USD/barrel. WTI crude oil prices increased by 1.11 USD, equivalent to 1.6%, to 71.85 USD/barrel.
 |
| Oil prices today, February 19. At the end of the trading session on February 18, oil prices extended their upward trend due to increasing supply disruptions in Russia and the US. (Source: Oilprice) |
Oil prices rose in the previous trading session after the Kropotkinskaya oil pumping station in Russia's southern Krasnodar region, part of the Caspian Pipeline Consortium (CPC) pipeline, which transports crude from Kazakhstan to world markets, was attacked by drones.
Russian Deputy Prime Minister Alexander Novak said that on February 18, the amount of oil flowing through the pipeline had decreased by 30% to 40%. According to Reuters calculations, the 30% cut would be equivalent to a reduction of 380,000 barrels of oil per day.
Brent prices have benefited from the CPC supply disruption, but overall the key is how long and how severe the disruption will be, said UBS analyst Giovanni Staunovo.
Also on February 18, the oil market continued to suffer a supply shock when the Russian Black Sea port of Novorossiysk had to temporarily suspend loading operations due to a storm, although the amount of oil exported from the port in February had been adjusted up by 0.24 million tons from the original plan to 2.25 million tons or about 590,000 barrels/day.
Also related to oil supply, the North Dakota Pipeline Authority estimated that production in the third largest US producing state will drop by up to 150,000 barrels per day due to the cold snap in the country.
To control prices, US and Russian delegates held a four-and-a-half-hour meeting in Saudi Arabia to discuss how to stop the Russia-Ukraine conflict. Ukraine was not represented. Russia was tougher in its demands. According to Reuters, if an agreement is reached, Washington and its allies could lift sanctions on Russian oil supplies.
“Everyone is waiting to see what happens with Russia and Ukraine,” said Mizuho oil analyst Robert Yawger. “But that’s not going to happen in the next 15 minutes, so the market will remain cautious.”
One move that could boost oil prices is U.S. inventory and trade data due tomorrow that could show lower net crude imports last week, according to analyst Staunovo. But expectations of a major refinery maintenance season could weigh on demand in the coming weeks.
According to energy expert Scott Shelton of United ICAP, the amount of crude offered when refinery maintenance begins in March is expected to be very large.
Traders are also awaiting clarity on whether the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue with plans to increase oil supply from April or delay it to a later date.
Domestic retail prices of gasoline on February 19 are as follows:
E5 RON 92 gasoline is not more than 20,598 VND/liter. RON 95-III gasoline is not more than 21,074 VND/liter. Diesel oil not more than 19,073 VND/liter. Kerosene not more than 19,473 VND/liter. Fuel oil not exceeding 17,779 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 13. Although world gasoline and oil prices decreased last week, they increased in the first trading sessions, so domestic gasoline and oil prices ended the decreasing streak and started to increase. The price of E5 RON 92 gasoline increased by 156 VND/liter, RON 95-III gasoline increased by 146 VND/liter, diesel increased by 19 VND/liter, kerosene increased by 59 VND/liter, and fuel oil increased by 425 VND/kg.
In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-da-u-hom-nay-192-noi-da-i-da-tang-304840.html
Comment (0)