Gasoline price today November 20: Slightly down

Oil prices fell slightly in early trading on November 20 after mixed reports of increases and decreases in US oil and gasoline inventories.

Oil prices fell slightly in early trading on November 20 after mixed reports of increases and decreases in US oil and gasoline inventories. (Source: Oilprice)

Earlier, at the end of the trading session on November 19, oil prices increased slightly as investors were cautious about signs of escalating tensions between Russia and Ukraine. Limiting the increase in oil prices was the gradual restoration of production at Norway's Johan Sverdrup oil field.

Brent crude rose 1 cent to $73.31 a barrel. WTI crude rose 23 cents, or 0.3%, to $69.39 a barrel.

Investors are cautiously 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 to extend their rally were supply problems at Kazakhstan's largest oil field, Tengiz. Tengiz's output has been cut by 28% to 30% due to repairs.

China's crude oil imports in November are on track to hit or near all-time highs, 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 down 20% from its April peak of more than $92 a barrel. China’s crude imports in October also fell for the sixth consecutive month.

China has increased oil purchases this month because current prices are relatively reasonable, according to analyst Hodes.

The partial restoration of production at the Johan Sverdrup field in the North Sea, Western Europe's largest oil field, after a power outage a day earlier has limited the "rising" momentum of oil prices.

UBS analyst Giovanni Staunovo said the partial restart of production at the Johan Sverdrup mine and the strengthening US dollar affected market sentiment in the trading session on November 19.

Regarding US petroleum inventories, the American Petroleum Institute said that last week US crude oil inventories increased by 4.753 million barrels; gasoline inventories decreased by 2.48 million barrels; distillate inventories decreased by 688,000 barrels.

Domestic retail prices of gasoline on November 20 are as follows:

E5 RON 92 gasoline is not more than 19,452 VND/liter.

RON 95-III gasoline is not more than 20,607 VND/liter.

Diesel oil not more than 18,573 VND/liter.

Kerosene not more than 18,988 VND/liter.

Fuel oil not exceeding 16,009 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 November 14. Gasoline and oil prices decreased simultaneously with the price of E5 RON 92 gasoline decreasing by 292 VND/liter, RON 95-III gasoline decreasing by 247 VND/liter, diesel oil decreasing by 344 VND/liter, kerosene decreasing by 306 VND/liter, and fuel oil decreasing by 385 VND/kg.

In this management period, the joint ministries did not 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-dau-hom-nay-2011-lao-doc-nhe-294382.html