Oil prices reversed course and rose slightly.

Gasoline and oil prices today, November 15, 2024: Oil prices closed slightly higher in a volatile trading session as US fuel inventories fell sharply.

Gasoline and diesel prices today, November 15, 2024

According to Oilprice at 5:00 AM on November 15, 2024 (Vietnam time), WTI crude oil was priced at $68.88 per barrel, an increase of 0.34% (equivalent to a decrease of $0.23 per barrel).

WTI oil prices on the world market early morning of November 15, 2024 (Vietnam time)

Similarly, Brent crude oil prices stood at $72.49 per barrel, up 0.29% (equivalent to an increase of $0.21 per barrel).

Brent crude oil prices on the world market early morning of November 15, 2024 (Vietnam time)

Oil prices closed slightly higher today in volatile trading on Thursday, as a sharp drop in U.S. fuel inventories overshadowed concerns about oversupply and worries about demand stemming from a stronger dollar.

Brent crude prices are expected to fall by around 1.7% this week, while WTI crude prices are expected to end the week down more than 2% due to a stronger US dollar and concerns about increased supply amid slowing demand growth.

The Energy Information Administration said U.S. gasoline inventories fell by 4.4 million barrels last week, contrary to analysts' expectations in a Reuters poll of a 600,000-barrel increase. The 206.9 million barrels in inventories for the week ending November 8th were the lowest since November 2022.

Inventories of refined products, including diesel and heating oil, fell by 1.4 million barrels, compared with expectations of an increase of 200,000 barrels.

US gasoline futures rose 0.8%, while heating oil futures closed down about 0.3% after a brief surge fueled by the data.

However, limiting the upward momentum in oil prices was the 2.1 million barrel increase in US crude oil inventories last week, much higher than analysts' expectations of a 750,000 barrel increase.

Meanwhile, the International Energy Agency forecasts that global oil supply will exceed demand by 2025 even if OPEC+, which includes the Organization of Petroleum Exporting Countries and allies such as Russia, continues to cut production, as increased output from the United States and other non-OPEC producers far outpaces sluggish demand.

The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 barrels per day and kept its 2025 oil demand growth forecast unchanged at 990,000 barrels per day.

The premium for the previous month's WTI contract compared to the second-month contract also narrowed this week to its lowest level since June. This narrowing of the premium, or backwardation, suggests that perceptions of tight supply for fast delivery have eased.

The dollar surged to a one-year high and is on track for a fifth consecutive day of gains, fueled by rising bond yields and the election victory of President-elect Donald Trump in the United States.

A stronger dollar makes oil, which is priced in dollars, more expensive for holders of other currencies, which could reduce demand.

Kelvin Wong, senior market analyst at OANDA, said the rise in US 10-year Treasury yields and the surge in 10-year break-even inflation to 2.35% have added to concerns about demand.

" (This) increases the likelihood that the Fed will implement a shallow interest rate cutting cycle in 2025 (and) overall, there will be less liquidity to fuel increased oil demand ," he added.

On Tuesday, OPEC cut its forecasts for global oil demand growth this year and next, highlighting weakness in China, India and other regions, marking the fourth consecutive downward revision by the group of producers to its 2024 outlook.

Dennis Kissler, senior vice president of trading at BOK Financial, said in a note: "Crude oil futures are trying to establish equilibrium as the rising US dollar index is creating further headwinds, coupled with the Trump administration now controlling Congress , which is likely to reverse most of the Biden administration's energy policies."

UBS Switzerland AG oil strategist Giovanni Staunovo wrote in a note that Brent crude oil prices are expected to average $80 in 2025, down from a late September forecast of $85, citing lower demand growth estimates, particularly from China.

Staunovo said: " Overall, we see the oil market to be balanced or slightly oversupplied next year ."

Domestic retail gasoline and diesel prices on November 15, 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.

Gasoline and diesel prices today, November 15, 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-15112024-gia-dau-dao-chieu-tang-nhe-358854.html