Oil prices today, February 22, ending the last trading session of the week (February 21), oil prices suddenly "plummeted" more than 2 USD as investors struggled with the decreasing Middle East risk premium along with uncertainty about a potential peace deal in Ukraine.
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| Oil prices today, February 22, ending the last trading session of the week (February 21), oil prices suddenly 'plummeted' by more than 2 USD. (Source: Bloomberg) |
Brent crude fell $2.05, or 2.68%, to $74.43 a barrel. WTI crude fell $2.08, or 2.87%, to $70.40 a barrel.
For the week, Brent crude fell 0.4%, while WTI crude fell 0.5%.
Explaining the “sliding” turn in oil prices, John Kilduff, a partner at Again Capital in New York, commented: “There is a risk-off tone here” because the situation in the Middle East is relatively calm as the ceasefire in Gaza is maintained.
Investors also continued to weigh the increase in US crude oil inventories (up 4.6 million barrels).
U.S. energy companies added oil and natural gas rigs for a fourth straight week to the highest level since June 2024, according to energy services firm Baker Hughes. The oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to Feb. 21.
Oil prices were limited by supply disruptions. Russia said that oil flows on the Caspian Pipeline Consortium (CPC), a major route for exporting crude from Kazakhstan to other markets around the world, had been cut by 30% to 40% since February 18 after a pumping station in Russia was attacked by drones. However, oil flows from Kazakhstan's Tengiz oil field through CPC remained uninterrupted, according to Russian news agency Interfax.
Kazakhstan has pumped record volumes of oil despite damage to its export route to Russia. It is not yet clear how much record volume Kazakhstan was able to pump.
Analysts are expecting the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to once again delay production cuts as crude prices remain below $80 a barrel, said analyst Alex Hodes at StoneX.
On the demand front, JPMorgan analysts expect cold weather in the US and increased industrial activity following the Chinese holiday to drive demand higher next week.
Domestic retail prices of gasoline on February 22 are as follows:
E5 RON 92 gasoline is not more than 20,855 VND/liter. RON 95-III gasoline is not more than 21,331 VND/liter. Diesel oil not more than 19,063 VND/liter. Kerosene not more than 19,513 VND/liter. Fuel oil not exceeding 17,596 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Industry and Trade at the price adjustment session on February 20. Because the world gasoline and oil prices increased and decreased in opposite directions last week with low fluctuations but increased in the last 3 trading sessions, the domestic gasoline and oil prices are likely to continue to increase. The expected increase is about 220-250 VND/liter (kg). Only diesel oil may decrease slightly.
In the most recent price adjustment, gasoline and oil prices increased simultaneously with E5 RON 92 gasoline price increasing by 156 VND/liter, RON 95-III gasoline increasing by 146 VND/liter, diesel increasing by 19 VND/liter, kerosene increasing by 59 VND/liter, and fuel oil increasing by 425 VND/kg.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-222-lao-doc-hon-2-usd-305222.html
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