Oil prices today January 9, 2025: Oil prices fell more than 1% due to a stronger USD and a sharp increase in US fuel reserves last week.
Gasoline price today January 9, 2025
Recorded on Oilprice at 4:30 a.m. on January 9, 2025 (Vietnam time), WTI oil price was at 73.33 USD/barrel, down 1.23% (equivalent to a decrease of 0.91 USD/barrel).
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| WTI oil price on the world market early morning January 9, 2025 (Vietnam time) |
Similarly, Brent oil price was at 76.2 USD/barrel, down 1.1% (equivalent to a decrease of 0.85 USD/barrel).
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| Brent oil price on the world market early morning January 9, 2025 (Vietnam time) |
Oil prices fell more than 1% as a stronger dollar and a sharp rise in U.S. fuel inventories last week weighed on prices, reversing earlier gains due to tight supplies from Russia and other OPEC members.
Brent crude fell 89 cents, or 1.16%, to $76.23 a barrel. U.S. West Texas Intermediate crude fell 93 cents, or 1.25%, to $73.32.
Both benchmarks were up more than 1% in early trading.
“The oil market is being weighed down by the significant build in gasoline and diesel inventories that we’ve seen over the past few weeks,” said Andrew Lipow, president of Lipow Oil Associates. Fuel inventories are rising as refineries continue to ramp up production, he added.
Gasoline stocks rose 6.3 million barrels last week to 237.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel increase, according to data released Wednesday from the U.S. Energy Information Administration.
Distillate stockpiles rose 6.1 million barrels in the week to 128.9 million barrels, compared with expectations for a 600,000-barrel increase.
“I would be concerned if we saw significant production in the coming weeks,” said Josh Young, investment director at Bison Interests. “Meanwhile, the cold snap could limit crude supplies and increase heating oil demand.”
Crude inventories fell 959,000 barrels to 414.6 million barrels in the week, compared with analysts' expectations for a decrease of 184,000 barrels. A stronger dollar also weighed on oil prices by making oil more expensive for holders of other currencies.
To limit losses, oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases as field maintenance in the United Arab Emirates offset a rise in Nigerian output and increases elsewhere in the group.
In Russia, oil production averaged 8.971 million barrels per day in December, below the country’s target, Bloomberg reported, citing the Energy Ministry. Analysts expect oil prices to fall on average this year through 2024, partly due to increased production from non-OPEC countries.
“We maintain our Brent crude oil price forecast at an average of $76/bbl in 2025, down from an average of $80/bbl in 2024,” BMI, a division of Fitch Group, said in a note to clients.
Domestic retail gasoline prices on January 9, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 2 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 20,057 | +240 |
RON 95 gasoline | 20,746 | +199 |
Diesel | 18,755 | +125 |
Oil | 18,834 | +126 |
Fuel oil | 16,099 | +129 |
Specifically, the price of E5 RON 92 gasoline increased by VND240/liter, to VND20,057/liter; RON 95 gasoline increased by VND199/liter, to VND20,746/liter.
Diesel 0.05S price: Up 125 VND/liter, at 18,755 VND/liter; kerosene up 126 VND/liter, at 18,834 VND/liter; fuel oil 180CST 3.5S up 129 VND/kg, at 16,099 VND/kg.
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| Gasoline prices today January 9, 2025. Photo by Dinh Tuan |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-09012025-bat-ngo-quay-xe-giam-soc-368645.html
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