Today's fuel prices (November 19, 2024): Oil prices rose by more than $2 per barrel following news that crude oil production at Norway's Johan Sverdrup oil field has been halted.
Gasoline and diesel prices today, November 19, 2024
According to Oilprice at 5:00 AM on November 19, 2024 (Vietnam time), WTI crude oil was priced at $69.16 per barrel, an increase of 3.19% (equivalent to an increase of $2.14 per barrel).
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| WTI oil prices on the world market early morning of November 19, 2024 (Vietnam time) |
Similarly, Brent crude oil prices stood at $73.34 per barrel, up 3.24% (equivalent to an increase of $2.30 per barrel).
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| Brent crude oil prices on the world market early morning of November 19, 2024 (Vietnam time) |
Oil prices rose by more than $2 a barrel following news that crude oil production at Norway's Johan Sverdrup oil field had been halted, continuing earlier gains fueled by escalating tensions in the Russia-Ukraine conflict.
Equinor said it had halted production at its Johan Sverdrup oil field, Western Europe's largest, due to an onshore power outage. An Equinor spokesperson said work to restart production was underway, but it was unclear when it would resume.
Oil prices continued to rise on news of the shutdown, suggesting the possibility of a tightening in the North Sea crude oil market, UBS analyst Giovanni Staunovo told Reuters. Actual crude oil supply from the North Sea supported Brent futures.
Kazakhstan's largest oil field, Tengiz, operated by the US giant Chevron, has reduced oil production by 28%-30% due to ongoing repairs, further tightening global supply. The country's energy ministry said the repairs are expected to be completed by Saturday.
Prices also rose as Russia's conflict in Ukraine escalated over the weekend.
" Biden's authorization of Ukraine to attack Russian forces around Kursk with long-range missiles could shift geopolitical dynamics back to the oil sector, as this represents an escalation of tensions there in response to North Korean military involvement in the conflict," said IG market analyst Tony Sycamore .
Saul Kavonic, an energy analyst at MST Marquee, said that so far, Russian oil exports have been little affected, but oil prices could rise further if Ukraine targets more oil infrastructure.
Russia launched its biggest airstrike on Ukraine in nearly three months on Sunday, causing significant damage to the country's power system.
Brent and WTI oil prices fell by more than 3% last week due to weak data on China's refining capacity and after the International Energy Agency forecast that global oil supply will exceed demand by more than 1 million barrels per day by 2025, even as OPEC+ continues its production cuts.
Traders began shifting WTI trades to the January contract ahead of the December contract's expiration on Wednesday. The spread between the two contracts reversed for the first time since February into a contango structure, where the subsequent contract is higher than the previous one, meaning traders expect prices to rise.
" The expiration date would be quite unexpected ," said Bob Yawger, director of energy futures at Mizuho.
Domestic retail gasoline and diesel prices on November 19, 2024, are applied according to the adjustment made at 3 PM on November 14 by the Joint Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference compared to the previous period |
E5 RON 92 gasoline | 19,452 | -292 |
RON 95 gasoline | 20,607 | -247 |
Diesel | 18,573 | -344 |
Oil | 18,988 | -306 |
Fuel oil | 16,009 | -385 |
Specifically, the price of E5 RON 92 gasoline decreased by 292 VND/liter, to 19,452 VND/liter; RON 95 gasoline decreased by 247 VND/liter, to 20,607 VND/liter.
Diesel fuel 0.05S decreased by 344 VND/liter, to 18,573 VND/liter; kerosene decreased by 306 VND/liter, to 18,988 VND/liter; mazut 180CST 3.5S decreased by 385 VND/kg, to 16,009 VND/kg.
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| Gasoline and diesel prices today, November 19, 2024. (Illustrative image) |
During this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or utilize the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.
Thus, from the beginning of 2024 until now, domestic gasoline prices have undergone 45 adjustments, including 22 decreases, 18 increases, and 6 changes.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-19112024-gia-dau-bat-tang-3-359563.html
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