Gasoline price today 11/3: Week of plummeting

Gasoline and oil prices today, November 3, although oil prices made a hat-trick of increases in the last trading sessions, the increase was not enough to "recover" from the shocking drop at the beginning of the week.

Oil prices today, November 3, although oil prices made a hat-trick of increases in the last trading sessions, the increase was not enough to "recover" from the shocking drop at the beginning of the week. (Source: Reuters)

This week, oil prices shocked the market in the first trading session with a plunge of more than 6%. Explaining the "plunge" in oil prices, Reuters said it was because the energy supply was not interrupted after Israel's retaliation last weekend. In fact, Israel's attack only targeted the Iranian military, ignoring Tehran's oil and nuclear facilities.

Oil prices extended losses of about 0.4% in the second trading session of the week after news that Israeli Prime Minister Benjamin Netanyahu will hold a meeting to find a diplomatic solution to the conflict in Lebanon.

The decline in oil prices was interrupted in the third trading session. In this session, data on US crude oil and gasoline inventories unexpectedly decreased along with reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC +) may extend production cuts into next year instead of gradually increasing production from December, helping oil prices to rebound by more than 2%, partially recovering the "losses" of the previous two sessions.

In addition to concerns about weak oil demand from China, rising non-OPEC supply is forcing OPEC+ to reconsider its production decision, analysts said. The decision could come as early as next week.

Reuters cited data from the US Energy Information Administration as saying that this week, US oil production reached a record 13.5 million barrels of oil per day.

Continuing its upward momentum, oil prices “pocketed” more than 1% in the last two trading sessions of the week. In addition to the OPEC+ factor mentioned above, Iran emerged as the main topic in the market, helping oil prices record a hat-trick of increases in the 5th trading session.

According to Oilprice , the oil market is currently anticipating an Iranian attack on Israel in the coming days. In this attack, Iran is likely to mobilize a large number of drones from Iraqi territory. This information has pushed up the geopolitical risk premium. Brent crude oil prices ended the week at $73.1/barrel, WTI oil prices at $69.49/barrel.

Although oil prices recorded a hat-trick of increases in the final trading sessions, the increase was not enough to "recover" from the shock drop at the beginning of the week. For the week, Brent crude oil prices fell about 4%, WTI crude oil prices fell about 3%, marking a weekly decline, and extending the weekly reversal streak.

Domestic retail prices of gasoline on November 3 are as follows:

E5 RON 92 gasoline is not more than 19,408 VND/liter.

RON 95-III gasoline is not more than 20,503 VND/liter.

Diesel oil not more than 18,148 VND/liter.

Kerosene not more than 18,833 VND/liter.

Fuel oil not exceeding 16,461 VND/kg.

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of October 31. Gasoline and oil prices have decreased and increased in opposite directions, with gasoline prices decreasing and oil prices increasing.

Thus, the price of gasoline has decreased 3 times in a row. The price of E5 RON 92 gasoline decreased by 284 VND/liter, RON 95-III gasoline decreased by 391 VND/liter, diesel increased by 91 VND/liter, kerosene increased by 263 VND/liter, and fuel oil increased by 232 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-311-tuan-lao-doc-292402.html