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| Gasoline prices today, November 1: World fluctuations are unpredictable; how will domestic gasoline prices increase or decrease this afternoon? (Source: VTC News) |
At the end of the trading session on October 31, Brent crude oil futures for December delivery fell 4 cents, or 0.05%, to $87.41 a barrel. The January contract traded down $1.33, or 1.4%, to $85.02 a barrel.
US West Texas Intermediate (WTI) crude futures for December delivery fell $1.29, or 1.6%, to $81.02 a barrel, while the January contract fell $1.18 to $80.50 a barrel.
Notably, during this volatile trading session, oil prices at times increased by more than 1 USD, however, this increase was not enough for oil prices to touch the 90 USD/barrel mark again.
“We have taken some of the war premium out of the price,” said Phil Flynn, an analyst at Price Futures Group.
OPEC crude oil output rose by 180,000 barrels per day in October, mainly from Nigeria and Angola, a Reuters survey found.
The US Energy Information Administration (EIA) said that in August, US crude oil production also increased to a new record - 13.05 million barrels/day.
Weaker-than-expected manufacturing and non-manufacturing activity data in China raised concerns about slowing fuel demand from the world's number two oil consumer.
Eurozone inflation fell to a two-year low in October, falling to 2.9% from 4.3% in September, according to preliminary estimates from Eurostat. That means the European Central Bank (ECB) is unlikely to raise interest rates anytime soon.
Slowing global economic growth will keep crude oil prices below $90 a barrel this year and next, unless the Israel-Hamas conflict spreads and exacerbates the supply squeeze, a Reuters poll showed on October 31.
Investors remain wary of the possibility of other countries joining the conflict, which shows no signs of abating.
While developments in the Middle East have yet to impact oil, the growing threat of ground attacks and the growing risk of Iranian involvement have raised concerns about tight supplies, said Fiona Cincotta, senior financial markets analyst at City Index.
Analysts are also expecting the US central bank to keep interest rates steady at the US Federal Reserve's two-day policy meeting, which is scheduled to end today.
“We expect the Fed to keep the federal funds rate unchanged at 5.25% to 5.50%,” said EY chief economist Gregory Daco.
5.25% - 5.50% is the highest interest rate of the US Central Bank in the past 22 years to reduce inflation and prevent economic recession. Since March 2022, the Fed has raised the benchmark lending rate 11 times.
Also on October 31, data from the American Petroleum Institute (API) showed that US crude oil inventories increased by 1.347 million barrels in the week ending October 27; gasoline inventories decreased by 357,000 barrels; and distillate inventories decreased by about 2.484 million barrels.
In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of October 23 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 22,360 VND/liter. RON 95 gasoline is not more than 23,510 VND/liter. Diesel oil not more than 22,480 VND/liter. Kerosene not more than 22,750 VND/liter. Fuel oil not exceeding 16,610 VND/kg. |
Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.
Updated prices of finished petroleum products on the Singapore market on the evening of October 30 showed that oil prices have dropped sharply. Specifically, the price of RON95 gasoline is at 100.61 USD/barrel, E5 RON92 gasoline is 94.78 USD/barrel, and diesel oil is 112.91 USD/barrel.
On the morning of October 31, according to estimates from a number of petroleum wholesalers, domestic prices in this afternoon's adjustment period (November 1) may fluctuate in opposite directions due to continued fluctuations in world prices during the first session of the week. Accordingly, gasoline prices will increase by about 200 - 400 VND/liter, while oil products may decrease more sharply, from 650 - 900 VND/liter. This forecasted increase/decrease does not include the Petroleum Price Stabilization Fund and other fees, if any changes.
Previously, the Vietnam Petroleum Institute forecast that domestic retail gasoline prices in the November 1 adjustment period would also be in opposite directions. In particular, gasoline prices could increase by 335 - 483 VND/liter; oil products would decrease by 227 - 351 VND/liter.
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