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Suddenly turn around and slide lightly

Báo Quốc TếBáo Quốc Tế25/09/2024


Today's gasoline and oil prices, September 25, WTI oil prices unexpectedly turned around and slid slightly despite a sharp decrease in US gasoline and oil inventories. Brent oil prices remained "anchored" at 75.17 USD/barrel.
Giá xăng dầu hôm nay 25/9: Bất ngờ quay đầu trượt nhẹ
Today's gasoline and oil prices, September 25, WTI oil prices unexpectedly turned around and slid slightly despite a sharp decrease in US gasoline and oil inventories. (Photo: Ngoc Ha)

Oil prices rose about 2% to a three-week high on Wednesday after monetary easing to boost economic growth in China, the world's top crude importer, and concerns that conflict in the Middle East could impact regional supplies.

Oil markets gave up some of their earlier gains as Tropical Storm Helene, which threatens the U.S. Gulf Coast, looks set to bypass most offshore oil and natural gas production and hit Florida, which accounts for 15% of U.S. oil production and 2% of U.S. natural gas production.

Brent crude rose $1.27, or 1.7%, to $75.17 a barrel, its highest close since Sept. 2. U.S. West Texas Intermediate (WTI) crude rose $1.19, or 1.7%, to $71.56 a barrel.

The Chinese government's announcement of its largest economic stimulus package since the Covid-19 pandemic, coupled with a sudden increase in geopolitical tensions in the Middle East, has dealt a blow to the bearish sentiment that has dominated the oil market for the past three weeks, said Claudio Galimberti, head of global market analysis at Rystad Energy.

Meanwhile, in the Middle East, a vital oil-producing region, the threat of a full-scale regional war is growing as tensions rise between Israel and Hezbollah. Israeli airstrikes in Lebanon are threatening to drag OPEC member Iran closer to a conflict with Israel.

In its annual outlook report, OPEC raised its forecast for world oil demand in the medium and long term.

OPEC expects global oil demand to reach 118.9 million barrels per day (mb/d) in 2045, about 2.9 mb/d higher than it projected in last year's report. The report looks to 2050 and expects demand to reach 120.1 mb/d by then.

Limiting oil's gains during the session was data showing that the US consumer confidence index fell to 98.7 in September from an upwardly revised 105.6 in August. This was the biggest decline since August 2021 amid growing concerns about the labor market.

Meanwhile, data from the American Petroleum Institute showed that in the week ending September 20, US oil inventories fell by 4.339 million barrels, nearly four times more than analysts had predicted; gasoline inventories also fell by 3.438 million barrels.

Domestic retail prices of gasoline on September 25 are as follows:

E5 RON 92 gasoline is not more than 18,941 VND/liter.

RON 95-III gasoline is not more than 19,762 VND/liter.

Diesel oil not more than 17,043 VND/liter.

Kerosene not more than 17,551 VND/liter.

Fuel oil not exceeding 14,826 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 September 19. Gasoline and oil prices fluctuated in the opposite direction with gasoline prices increasing and oil prices decreasing. Specifically, E5 RON 92 gasoline increased by 51 VND/liter, RON 95-III gasoline increased by 127 VND/liter, diesel decreased by 122 VND/liter, and kerosene decreased by 239 VND/liter. In contrast to diesel and kerosene, fuel oil increased by 359 VND/kg. This is the first increase in gasoline prices in the past 5 weeks.

In this operating 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.

Since the beginning of the year, the prices of petroleum products have gone through 36 price adjustments, of which RON 95 gasoline and E5 RON 92 increased 17 times and decreased 19 times; diesel increased 14 times and decreased 22 times; and fuel oil increased 19 times and decreased 17 times.



Source: https://baoquocte.vn/gia-xang-dau-hom-nay-259-bat-ngo-quay-dau-truot-nhe-287593.html

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