Oil prices today, February 6, ended the trading session on February 5, oil prices fell more than 2%, due to a sharp increase in US oil and gasoline inventories, signaling weaker demand, while concerns about a new trade war between China and the US increased concerns about slowing economic growth. This afternoon, domestic gasoline is forecast to increase and decrease in opposite directions.
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| Gasoline prices today, February 6, at the end of the trading session on February 5, oil prices decreased by more than 2%. This afternoon, domestic gasoline prices are forecast to increase and decrease in opposite directions. (Source: VTV) |
Brent crude fell $1.59, or 2.09 percent, to $74.61 a barrel. WTI crude fell $1.67, or 2.3 percent, to $71.03 a barrel.
According to the US Energy Information Administration (EIA), in the week ending January 31, US oil inventories increased sharply by 8.7 million barrels, as refineries faced weak gasoline demand and were undergoing maintenance.
While gasoline inventories rose 2.2 million barrels, distillate inventories fell 5.5 million barrels.
“Refineries are not in need of crude right now,” said John Kilduff, partner at Again Capital in New York, explaining that refineries are racing to go into maintenance as gasoline demand falls.
Concerns about a new trade war between the US and China - the world's largest energy importer - also weighed on prices.
On February 4, China announced a 10% tariff on crude oil, 15% on liquefied natural gas and coal imported from the US, in retaliation for the US imposing a 10% tariff on Chinese exports. This pushed WTI oil prices down as much as 3% at one point in the trading session on February 4, to their lowest level since December 31, 2024.
“China’s imposition of tariffs on imports from the US will reduce demand for these commodities, and this demand will need to be redirected to other markets,” said Andrew Lipow, president of Lipow Oil Associates.
Meanwhile, on February 5, Iranian President Masoud Pezeshkian called on members of the Organization of the Petroleum Exporting Countries (OPEC) to unite against possible US sanctions, after US President Donald Trump announced he would restore the "maximum pressure" campaign against Iran that he enacted during his first term.
During his first term, Mr. Trump pushed Iran's oil exports to near zero after reimposing sanctions aimed at curbing the country's nuclear program.
Domestic retail prices of gasoline on February 6 are as follows:
E5 RON 92 gasoline is not more than 20,391 VND/liter. RON 95-III gasoline is not more than 21,002 VND/liter. Diesel oil not more than 19,246 VND/liter. Kerosene not more than 19,439 VND/liter. Fuel oil not exceeding 17,502 VND/kg. |
The above domestic retail price of gasoline will be adjusted by the Ministry of Finance - Industry and Trade at the price management session this afternoon.
Although world oil prices decreased last week, in recent trading sessions, oil prices have tended to increase, so domestic oil prices are likely to be adjusted in opposite directions. Gasoline prices are expected to decrease slightly by 50-100 VND/liter, the third consecutive decrease; oil prices will increase slightly by 100-200 VND/liter (kg).
In the most recent price adjustment (February 1), the price of E5 RON 92 gasoline decreased by VND 201/liter, RON 95-III gasoline decreased by VND 140/liter, diesel decreased by VND 948/liter, kerosene decreased by VND 671/liter, and fuel oil decreased by VND 250/kg.
Source: https://baoquocte.vn/gasoline-price-today-62-the-gioi-giam-hon-2-trong-nuoc-chieu-nay-co-the-duoc-dieu-chinh-tang-giam-trai-chieu-303360.html
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