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| Today's oil prices, January 23, Brent and WTI oil prices decreased slightly by about 0.3%. (Source: Oilprice) |
Earlier, at the end of the trading session on January 22, oil prices increased by about 2% due to concerns about global energy supplies after Novatek, Russia's largest producer of liquefied natural gas, said it was forced to stop operating a major fuel export terminal on the Baltic Sea due to a large fire and freezing weather continued to hinder US crude oil production.
Brent crude futures for March delivery rose $1.50, or 1.9%, to $80.06 a barrel. U.S. West Texas Intermediate (WTI) crude for February delivery rose $1.78, or 2.4%, to $75.19 a barrel. WTI crude for March delivery rose $1.36, or 2.4%, to $74.61 a barrel.
“There are finally concerns in the market about real supply disruptions,” said John Kilduff, partner at Again Capital LLC.
Severe cold weather across the United States is limiting crude oil production in North Dakota, as well as hampering production in other states, said Phil Flynn, an analyst at Price Futures Group.
More than 20% of output in the third-largest oil-producing state remains untouched after being halved last week due to extreme cold weather and operational challenges, according to North Dakota's pipeline regulator.
Analyst Flynn said the continued rally in the stock market suggests greater demand in the coming months. According to Flynn, pessimism about the economy is fading.
Meanwhile, there is no sign of Israel stopping its attacks in Gaza and Houthi attacks on commercial ships in the Red Sea continue despite US retaliation.
However, oil fundamentals could continue to drag prices lower, according to IG analyst Tony Sycamore. He said higher oil production, mixed growth prospects in China and Europe, and data this week expected to show a significant slowdown in US economic growth.
“Investors want to be optimistic, but the gloomy data and cautious tone from policymakers are taking them back,” said Tamas Varga of oil brokerage PVM.
The latest demand growth forecasts from the U.S. Energy Information Administration, the International Energy Agency, and the Organization of the Petroleum Exporting Countries (OPEC) for 2024 range from 1.24 million to 2.25 million barrels per day. All three agencies predict demand growth will slow in 2025.
Meanwhile, production at Libya's major Sharara oil field has been restored since January 21.
Domestic retail prices of gasoline on January 23 are as follows:
E5 RON 92 gasoline is not more than 21,418 VND/liter. RON 95-III gasoline is not more than 22,482 VND/liter. Diesel oil not more than 20,194 VND/liter. Kerosene not more than 20,536 VND/liter. Fuel oil not exceeding 15,508 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of January 18. In this adjustment, the price of RON 95-III gasoline increased the most, by 547 VND/liter. Notably, while diesel and kerosene both increased in price, fuel oil was adjusted down by 307 VND/kg.
This is the second increase in gasoline prices since the beginning of the year.
In this management session, the joint ministries continued to criticize the establishment of the Price Stabilization Fund for fuel oil, 300 VND/liter; not deducting the Price Stabilization Fund for gasoline, diesel oil and kerosene; not using the fund for all gasoline products.
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