Gasoline price today February 10: Still increasing

Oil price on February 10

According to Oilprice at 6:30 a.m. on February 10 (Vietnam time), WTI oil price was at 76.60 USD/barrel, up 0.49% (equivalent to an increase of 0.37 USD/barrel).

Similarly, Brent oil price was at 81.94 USD/barrel, up 0.39% (equivalent to an increase of 0.32 USD/barrel).

Oil prices have increased continuously since the beginning of the week. (Illustration photo: Premiumtimesng).

Oil futures prices rose continuously all week, with an increase of nearly 6%, recovering almost all of last week's losses (down nearly 7%).

“We believe this type of weekly price volatility in the crude oil market will be more characteristic for the remainder of the month as the lack of major bullish headlines from the Middle East could force a correction in the global oil balance,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.

US energy companies added four oil and natural gas rigs this week to 623, the highest level since mid-December 2023, according to energy services firm Baker Hughes.

Meanwhile, the US Energy Information Administration said domestic production in the US has returned to a record 13.3 million barrels per day, after cold weather last month forced widespread shutdowns at oil production areas.

Also supporting strong oil prices is the escalating conflict in the Middle East. On February 9, Israel resumed airstrikes on the Gaza Strip following a bombing of the southern border city of Rafah the day before that sent oil prices soaring by about 3%.

The oil rally was also fueled by rising gasoline and diesel prices, which tightened the product market. Gasoline futures rose about 9% for the week to $2.34 a gallon, while heating oil futures rose 11% to $2.96 a gallon.

Also on February 9, Ukraine launched drone attacks on two oil refineries in southern Russia, Ilsky and Afipsky, in Krasnodar Krai, bordering Crimea on the Black Sea and the Azov Sea coast, causing a fire at the Ilsky refinery.

Damage from Ukrainian drone attacks and technical problems at Russian oil refineries have caused Russia to export more crude than planned under its agreement with OPEC+ this February.

Domestic retail price of gasoline

Domestic retail gasoline prices on February 10, 2024 will be applied according to the adjustment session on February 8 by the Ministry of Finance - Industry and Trade.

Specifically, E5 RON92 gasoline decreased by 793 VND/liter, not higher than 22,120 VND/liter, RON95 gasoline decreased by 898 VND/liter, to 23,262 VND/liter.

Domestic retail gasoline prices on February 10, 2024 will be applied according to the adjustment session from 3:00 p.m. on February 8 by the Ministry of Finance - Ministry of Industry and Trade (Illustration photo: Cong Hieu).

Diesel oil decreased by 292 VND/liter, not higher than 20,707 VND/liter; Kerosene decreased by 353 VND/liter, not higher than 20,588 VND/liter and fuel oil price decreased by 489 VND/kg, not higher than 15,598 VND/kg.

In this operating period, the operating agency decided to set aside a price stabilization fund for fuel oil at 300 VND/kg (as in the previous period), and not set aside a fund for gasoline, diesel and kerosene.

At the same time, do not use the fund for all petroleum products.

According to the explanation of the Ministry of Industry and Trade, the above changes in domestic gasoline prices are due to the influence of factors such as: information about ceasefire negotiations in Gaza, conflicts in the Red Sea region, increased gasoline inventories in the US, oil refineries in the US being overhauled, fire at oil refineries in Russia, continued difficulties in the Chinese economy that may limit oil demand...

The above factors have caused world oil prices to fluctuate between increases and decreases in recent days, but in general they have decreased.

This is the first time since the beginning of 2024 that gasoline prices have been adjusted down. Before that, gasoline prices had increased continuously for 4 consecutive weeks.

PHAM DUY

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