Gasoline price today January 5: Slightly uphill

Gasoline prices today, January 5, low fuel demand and sharp increases in inventories according to data from the US Energy Information Administration (EIA) weighed on prices.

Gasoline price today November 19: Shocking drop for the third day to the lowest level in 2023

According to Dailyfx , at 5:30 a.m. on January 5 (Vietnam time), Brent oil and WTI oil both climbed slightly.

Both oil benchmarks ended a volatile session on Jan. 4 down less than 1% as a sharp rise in U.S. gasoline and distillate inventories overshadowed a larger-than-expected drawdown in crude inventories. Brent crude fell 66 cents, or 0.8%, to $77.59 a barrel. U.S. West Texas Intermediate (WTI) crude fell 51 cents, or 0.7%, to $72.19 a barrel.

Low fuel demand and a sharp rise in inventories, according to data from the US Energy Information Administration (EIA), weighed on prices, Reuters reported.

According to the EIA, US gasoline inventories increased by a shocking 10.9 million barrels to 237 million barrels in the week ending December 29, 2023, the largest weekly increase in more than 30 years. Distillate inventories also increased by 10.1 million barrels to 125.9 million barrels.

In the Northeast, temperatures are relatively mild through the third week of January, which could limit diesel gains, said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.

Bob Yawger, director of energy futures at Mizuho, commented that the 5.5 million barrel drop in US oil inventories reflected shipping disruptions in the Red Sea.

“The situation in the Red Sea has forced many refiners and crude buyers to come to the United States instead of sailing around the Horn of Africa,” Yawger said.

Concerns about supply disruptions through the Red Sea have not abated. On January 3, the Houthis said they had “targeted” an Israel-bound container ship. The U.S. Central Command said the Houthis had fired two anti-ship ballistic missiles in the southern Red Sea the day before.

Oil prices rose early in the session after data from the American Petroleum Institute showed that US crude inventories fell by 7.418 million barrels, more than 2.5 times the 2.967 million barrel drop expected by analysts.

In other developments, business activity in the eurozone contracted in December 2023. Inflation in Germany is rising, so the European Central Bank is likely to support keeping interest rates steady for a while.

Both Brent and WTI oil unexpectedly increased by about 3% in the trading session on January 3, breaking the previous 4-session decline streak.

Domestic retail prices of gasoline on January 5 are as follows:

E5 RON 92 gasoline is not more than 21,186 VND/liter.

RON 95-III gasoline is not more than 22,148 VND/liter.

Diesel oil not more than 19,788 VND/liter.

Kerosene not more than 20,457 VND/liter.

Fuel oil not exceeding 15,685 VND/kg.

The domestic retail price of gasoline and oil was adjusted by the Ministry of Finance and Industry and Trade in the price management session on the afternoon of January 4, with E5 RON 92 gasoline decreasing the least, by 180 VND/liter, and kerosene decreasing the most, by 500 VND/liter.

In this operating period, the joint ministries set aside the Price Stabilization Fund for fuel oil at 300 VND/kg, did not set aside the Price Stabilization Fund for gasoline, diesel oil and kerosene, and did not use the Price Stabilization Fund for all gasoline products.

This is the first fuel price adjustment by the inter-ministerial committee in 2024.

(synthetic)

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-51-leo-doc-nhe-256296.html