Today, November 17th, gasoline and oil prices continue to be strongly influenced by the strengthening US dollar, weak demand from China, the possibility of the US Federal Reserve (Fed) easing interest rate cuts, as well as demand growth forecasts from the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA).
 |
| Today's gasoline and oil prices (November 17th): Oil prices continue to be strongly affected by the rising US dollar, weak demand from China, and the possibility of the Fed easing interest rate cuts... (Source: Dan Viet Newspaper) |
In the very first trading session of the week, oil prices plunged more than 2% after China's latest economic stimulus plan disappointed investors seeking demand growth in the world's second-largest oil consumer. Furthermore, China's consumer price index in October rose only 0.3%, lower than the 0.4% increase in September and the lowest level in four months, further indicating declining demand in China.
Following OPEC's cut in demand growth forecasts, oil prices rose only slightly, remaining virtually unchanged during Monday's trading session. OPEC forecast global oil demand to increase by 1.82 million barrels per day this year, down from its forecast of 1.93 million barrels per day last month. OPEC also lowered its estimate for global demand growth in 2025 from 1.64 million barrels per day to 1.54 million barrels per day.
In third trading, oil prices maintained a slight upward trend, supported by short-covering after prices fell to near a two-week low due to forecasts of reduced OPEC demand. A strengthening US dollar, nearing a seven-month high, limited the gains in oil prices.
Oil prices maintained their gains, rising by less than 30 cents in Wednesday's trading session, as a sharp drop in U.S. fuel inventories outweighed concerns about oversupply amid slow demand growth fueled by a strengthening dollar.
According to the U.S. Energy Information Administration, in the week ending November 8, U.S. gasoline inventories fell by 4.4 million barrels to 206.9 million barrels; distillate product inventories also decreased by 1.4 million barrels.
Contrary to OPEC's forecast, the IEA projects demand growth in 2024 to increase by 60,000 barrels per day to 920,000 barrels per day, while maintaining its growth forecast of 990,000 barrels per day in 2025.
After three consecutive days of gains, oil prices ended the week with a drop of more than 2%. Investor concerns about weak Chinese demand and the possibility of the Fed slowing the pace of interest rate cuts caused oil prices to reverse course and fall sharply in this session.
According to Oilprice , China announced a decline in oil refining output for the seventh consecutive month. Meanwhile, US retail sales rose in October, indicating a strong start to the economy in the fourth quarter, lowering expectations that the Fed will cut interest rates in the final month of the year.
With two sessions of declines exceeding 2% and three sessions of near-flat prices, oil prices reversed course this week, falling by approximately 4% and WTI by about 5%.
The retail prices of gasoline and diesel in Vietnam on November 17th are as follows:
E5 RON 92 gasoline should not exceed 19,452 VND/liter. RON 95-III gasoline should not exceed 20,607 VND/liter. Diesel fuel prices should not exceed 18,573 VND/liter. Kerosene should not exceed 18,988 VND/liter. Fuel oil price should not exceed 16,009 VND/kg. |
The aforementioned domestic retail prices of gasoline and diesel were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment session on the afternoon of November 14th. Gasoline and diesel prices decreased across the board, with E5 RON 92 gasoline falling by 292 VND/liter, RON 95-III gasoline by 247 VND/liter, diesel by 344 VND/liter, kerosene by 306 VND/liter, and mazut by 385 VND/kg.
During this price adjustment period, the inter-ministerial committee did not allocate or utilize the Fuel Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel fuel, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1711-dong-usd-nhu-cau-tu-trung-quoc-fed-chi-phoi-gia-dau-trong-tuan-294042.html
Comment (0)