Today, November 21, oil prices fell about 50 cents, affected by rising US crude oil and gasoline inventories; growing concerns about the escalating Russia-Ukraine conflict limited the decline. Domestically, how will oil prices be adjusted this afternoon?
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| Gasoline prices today, November 21, decreased by about 50 cents, affected by the increase in US crude oil and gasoline inventories. How will domestic prices be adjusted this afternoon? (Photo: Ngoc Ha) |
Brent crude for January delivery fell 50 cents, or 0.68%, to $72.81 a barrel. WTI crude for December delivery, which expires on November 20, fell 52 cents, or 0.75%, to $68.87 a barrel, while the WTI contract for January delivery fell 49 cents, or 0.71%, to $68.75 a barrel.
Oilprice cited data from the Energy Information Administration as saying that in the week ending November 15, US gasoline inventories increased by 2.1 million barrels, and oil inventories increased by 500,000 barrels.
On the supply side, Norway's Equinor said it had restored full production capacity at its Johan Sverdrup oil field in the North Sea after a power outage.
On the demand side, according to Macquarie energy strategists, weak demand in China - the world's largest crude oil importer - continues, as Beijing's economic stimulus packages cannot boost oil demand growth in the short term.
Meanwhile, the escalating Russia-Ukraine conflict has raised concerns about future disruptions in oil supplies.
These supply risks are certainly supporting prices and partially offsetting concerns about the global demand outlook, said John Kilduff, partner at Again Capital in New York.
Reuters reported that on November 20, Ukraine fired a series of British Storm Shadow cruise missiles into Russia. This is the latest Western weapon that the country has been authorized to use against Russian targets, after firing American ATACMS missiles deep into Russian territory.
This new move by Ukraine has brought geopolitical risk back into the market, said energy analyst Alex Hodes of StoneX.
But long positions in WTI have been reduced significantly, despite added geopolitical risks, according to Christian Drolshagen, partner at Aegis Hedging.
In another development, the US vetoed a UN Security Council resolution for a ceasefire in Gaza, raising concerns about possible supply disruptions as conflict in the Middle East continues.
According to John Kilduff, the market is very worried about the possibility of a new escalation between Israel and Iran.
Domestic retail prices of gasoline on November 21 are as follows:
E5 RON 92 gasoline is not more than 19,452 VND/liter. RON 95-III gasoline is not more than VND 20,607/liter. Diesel oil not more than 18,573 VND/liter. Kerosene not more than 18,988 VND/liter. Fuel oil not exceeding 16,009 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and Industry and Trade in the price management session on the afternoon of November 21. Gasoline and oil prices decreased simultaneously, with E5 RON 92 gasoline price decreasing by 292 VND/liter, RON 95-III gasoline decreasing by 247 VND/liter, diesel oil decreasing by 344 VND/liter, kerosene decreasing by 306 VND/liter, and mazut oil decreasing by 385 VND/kg.
During this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gasoline-price-to-date-2111-the-gioi-bien-dong-nhe-chieu-nay-gia-xang-se-duoc-dieu-chinh-tang-hay-giam-294519.html
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