Today's gasoline and oil prices, November 14, and world oil prices, closed the session on November 13 with a slight increase. This afternoon, domestic gasoline and oil prices are likely to decrease, cutting off the increase of the previous adjustment period.
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| Gasoline prices today, November 14, world oil prices closed on November 13 with a slight increase. This afternoon, domestic gasoline prices are likely to decrease. (Source: Gia Lai Newspaper) |
Oil prices closed slightly higher on November 13. The rise was supported by short covering after prices fell to near a two-week low on OPEC’s forecast of lower demand. The US dollar, which was close to a seven-month high, limited gains during the session.
Brent crude rose 39 cents, or 0.54 percent, to $72.28 a barrel. WTI crude rose 31 cents, or 0.46 percent, to $68.43 a barrel.
Both oil benchmarks closed at their lowest levels in nearly two weeks on November 12 after the Organization of the Petroleum Exporting Countries (OPEC) cut its global oil demand growth forecast for 2024 and 2025, citing weak demand in China, India and other regions. This was the producer group’s fourth consecutive downward revision for 2024.
Commenting on OPEC's demand forecast, Bob Yawger, director of energy futures at Mizuho, said: "The forecast is certainly pessimistic and the market is still digesting it." The market has since recovered as some speculative investors try to recoup their losses, Yawger said.
On November 13, the US Energy Information Administration said that in 2024, US oil production is expected to average 13.23 million barrels/day, while world oil production is expected to reach 102.6 million barrels/day.
On the supply side, the market could still face disruption from Iran or further conflict between Iran and Israel.
If the conflict continues, Israel will eventually attack Iranian oil assets, according to Clay Seigle, an independent political risk strategist. This may be limited to Iranian refineries, but Israeli planners could be more ambitious and target production and export facilities.
President-elect Donald Trump’s expected pick for secretary of state, Senator Marco Rubio, could boost oil prices, according to Ashley Kelty of Panmure Liberum. Rubio’s tough stance on Iran could see sanctions implemented, removing 1.3 million barrels per day of Iranian oil from global supplies, Kelty said.
Iran's oil minister said Tehran has plans to maintain oil production and exports and is ready to respond to possible US oil restrictions.
One factor that limited oil prices from rising sharply during the session was the US dollar. According to Reuters, the US dollar rose to a near seven-month high after data showed US inflation in October rose as expected, strengthening the possibility that the US Federal Reserve (Fed) will continue to cut interest rates.
Regarding US gasoline and oil inventories, the American Petroleum Institute said that in the week ending November 8, inventories decreased by about 777,000 barrels, contrary to analysts' forecasts of an increase of about 1 million barrels. Meanwhile, gasoline and distillate inventories increased by about 312,000 barrels and 1.1 million barrels, respectively.
Domestic retail prices of gasoline on November 14 are as follows:
E5 RON 92 gasoline is not more than 19,744 VND/liter. RON 95-III gasoline is not more than VND 20,854/liter. Diesel oil not more than 18,917 VND/liter. Kerosene not more than 19,294 VND/liter. Fuel oil not exceeding 16,394 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session this afternoon. Although world gasoline and oil prices increased last week, recent trading sessions have decreased, so it is likely that domestic gasoline and oil prices will also decrease, cutting off the increase of the previous adjustment session. The decrease will fluctuate between 100-300 VND/liter (kg).
In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter, diesel increased by 769 VND/liter, kerosene increased by 461 VND/liter, and fuel oil decreased by 67 VND/kg.
Source: https://baoquocte.vn/gasoline-price-today-1411-the-gioi-chot-phien-tang-nhe-xang-trong-nuoc-chieu-nay-nhieu-kha-nang-se-giam-293702.html
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