Gasoline and diesel prices today, November 20th: Slight drop.

Oil prices edged lower in early trading on November 20th following mixed reports of increases and decreases in US oil and gasoline inventories.

Oil prices edged lower in early trading on November 20th following mixed reports of increases and decreases in US oil and gasoline inventories. (Source: Oilprice)

Earlier, at the close of trading on November 19, oil prices rose slightly as investors remained cautious amid signs of escalating tensions between Russia and Ukraine. Limiting the price increase was the gradual restoration of production at Norway's Johan Sverdrup oil field.

Brent crude oil prices rose 1 cent to $73.31 per barrel. WTI crude oil prices increased 23 cents, or 0.3%, to $69.39 per barrel.

Toshitaka Tazawa, an analyst at Fujitomi Securities, said investors are cautiously assessing the direction of the Russia-Ukraine conflict after tensions escalated over the weekend.

Also supporting the sustained rise in oil prices are supply issues at Kazakhstan's largest oil field, Tengiz. Production at Tengiz has fallen by 28% to 30% due to repairs.

Citing data from ship tracking firm Kpler, StoneX energy analyst Alex Hodes said China's crude oil imports in November are on track to reach or near an all-time high.

China's weak import volumes this year have put significant pressure on oil prices, pushing Brent crude down 20% from its April peak (over $92 per barrel). China's crude oil imports in October also recorded their sixth consecutive monthly decline.

According to analyst Hodes, China increased its oil purchases this month because current prices are relatively reasonable.

The partial restoration of production at the Johan Sverdrup field in the North Sea, Western Europe's largest oil field, following a power outage the previous day, has limited the upward momentum of oil prices.

UBS analyst Giovanni Staunovo said that the partial restart of production at the Johan Sverdrup mine, along with the strengthening US dollar, impacted market sentiment during the November 19 trading session.

Regarding US oil inventories, the American Petroleum Institute reported that last week US crude oil inventories increased by 4.753 million barrels; gasoline inventories decreased by 2.48 million barrels; and distillate product inventories decreased by 688,000 barrels.

The retail prices of gasoline and diesel in Vietnam on November 20th 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-2011-lao-doc-nhe-294382.html