Oil prices today 11/20/2024: Oil prices stabilize as Sverdrup field restart reflects investors' geopolitical concerns
Gasoline price today November 20, 2024
Recorded on Oilprice at 5:00 a.m. on November 20, 2024 (Vietnam time), WTI oil price was at 69.61 USD/barrel, up 0.65% (equivalent to an increase of 0.45 USD/barrel).
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| WTI oil price on the world market in the early morning of November 20, 2024 (Vietnam time) |
Similarly, Brent oil price was at 73.45 USD/barrel, up 0.22% (equivalent to an increase of 0.16 USD/barrel).
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| Brent oil price on the world market early morning November 20, 2024 (Vietnam time) |
Oil prices edged up on Tuesday as signs of an escalation in the Russia-Ukraine conflict kept investors cautious, but the partial restart of production at Norway's Johan Sverdrup oilfield capped gains.
Investors are on guard and assessing the direction of the Russia-Ukraine conflict after tensions escalated over the weekend, said Toshitaka Tazawa, an analyst at Fujitomi Securities.
Also supporting oil prices, supply problems persist at Kazakhstan’s largest oil field, Tengiz. Tengiz’s output has been cut by 28% to 30% due to repairs, which the country’s energy ministry said would be completed by Saturday.
Market watchers point to signs of more crude purchases by top importer China. China’s crude imports are on track to end November at or near an all-time high, StoneX energy analyst Alex Hodes said, citing data from ship tracking firm Kpler.
China’s weak imports this year have weighed heavily on oil prices, with Brent futures down 20% from their April peak of more than $92 a barrel. China’s crude imports fell year-on-year for the sixth straight month in October.
Hodes said China is likely to increase oil purchases this month as current prices are relatively reasonable. Limiting the rise in oil prices, Equinor restored some output from the Johan Sverdrup field in the North Sea, Western Europe’s largest, a day after a power outage there sent oil prices up 3%.
Partial restarts and a stronger US dollar have weighed on market sentiment, said UBS analyst Giovanni Staunovo.
Oil prices were also under pressure after confidential reports from the United Nations nuclear watchdog, seen by Reuters, said Iran had offered to stop expanding its stockpile of enriched uranium to 60% purity, close to 90% weapons-grade.
On the other hand, analysts expect the U.S. government to report slightly higher crude and gasoline inventories last week when it releases data on Wednesday, according to a Reuters poll of nine analysts. Higher inventories are typically an indicator of weak demand.
Domestic retail gasoline prices on November 20, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 14 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,452 | -292 |
RON 95 gasoline | 20,607 | -247 |
Diesel | 18,573 | -344 |
Oil | 18,988 | -306 |
Fuel oil | 16,009 | -385 |
Specifically, the price of E5 RON 92 gasoline decreased by VND292/liter, down to VND19,452/liter; RON 95 gasoline decreased by VND247/liter, down to VND20,607/liter.
Diesel 0.05S price: Decreased by 344 VND/liter, down to 18,573 VND/liter; Kerosene decreased by 306 VND/liter, down to 18,988 VND/liter; Mazut 180CST 3.5S decreased by 385 VND/kg, down to 16,009 VND/kg.
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| Gasoline price today November 20, 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 45 adjustment sessions, including 22 decrease sessions, 18 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-20112024-on-dinh-359758.html
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