Global markets closed slightly higher; domestic gasoline prices are likely to fall this afternoon.

Today, November 14th, fuel prices reflect the fact that world oil prices closed slightly higher on November 13th. This afternoon, domestic fuel prices are likely to decrease, halting the upward trend of the previous price adjustment period.

Today's fuel prices (November 14th): World oil prices closed slightly higher on November 13th. This afternoon, domestic fuel prices are likely to decrease. (Source: Gia Lai Newspaper)

On November 13th, oil prices closed slightly higher. This upward movement was supported by short-covering activity after prices fell to near a two-week low due to forecasts of reduced OPEC demand. Limiting the gains was the US dollar nearing its seven-month high.

Brent crude oil prices rose 39 cents, or 0.54%, to $72.28 per barrel. WTI crude oil prices increased 31 cents, or 0.46%, to $68.43 per barrel.

On November 12, both benchmark oil prices closed at their lowest levels in nearly two weeks after the Organization of Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2024 and 2025, citing weak demand in China, India, and other regions. This marks the fourth consecutive downward revision by the producer group for 2024.

Commenting on OPEC's demand forecast, Bob Yawger, head of energy futures contracts at Mizuho, ​​said: "This forecast is certainly pessimistic, and the market is still taking it in." According to Yawger, the market has recovered as some speculative investors try to recoup losses.

On November 13, the US Energy Information Agency announced that in 2024, US oil production is expected to average 13.23 million barrels per day, while global oil production is projected to reach 102.6 million barrels per day.

On the supply side, the market may still face disruptions from Iran or further conflict between Iran and Israel.

According to Clay Seigle, an independent political risk strategist, if the conflict continues, Israel will eventually attack Iran's oil assets. This might be limited to Iranian refineries, but Israeli planners could be more ambitious and target production and export facilities.

Ashley Kelty of Panmure Liberum said that the nominee for Secretary of State expected to be chosen by US President-elect Donald Trump, Senator Marco Rubio, could boost oil prices. According to Kelty, Rubio's tough stance on Iran could lead to the implementation of sanctions, removing 1.3 million barrels per day of Iranian oil from the global supply.

Iran's oil minister said Tehran has plans to maintain oil production and exports, and is prepared to respond to the possibility of US oil restrictions.

One factor limiting sharp oil price increases during the session was the US dollar. According to Reuters, the dollar rose to near its highest level in seven months after data showed US inflation in October rose as expected, bolstering the likelihood that the Federal Reserve will continue to cut interest rates.

Regarding U.S. gasoline and oil inventories, the American Petroleum Institute reported that in the week ending November 8th, inventories decreased by approximately 777,000 barrels, contrary to analysts' predictions of an increase of around 1 million barrels. Meanwhile, inventories of gasoline and distillate products both increased by approximately 312,000 barrels and 1.1 million barrels, respectively.

The retail prices of gasoline and diesel in Vietnam on November 14th are as follows:

E5 RON 92 gasoline should not exceed 19,744 VND/liter.

RON 95-III gasoline should not exceed 20,854 VND/liter.

Diesel fuel prices should not exceed 18,917 VND/liter.

Kerosene should not exceed 19,294 VND/liter.

Fuel oil price should not exceed 16,394 VND/kg.

The aforementioned domestic retail gasoline and diesel prices will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade at this afternoon's price adjustment session. Although world gasoline and diesel prices increased last week, they have decreased in recent trading sessions, so it is likely that domestic gasoline and diesel prices will also decrease, halting the upward trend of the previous adjustment period. The reduction is expected to range from 100-300 VND/liter (or kg).

In the most recent price adjustment, the price of E5 RON 92 gasoline increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter, diesel increased by 769 VND/liter, kerosene increased by 461 VND/liter, and mazut decreased by 67 VND/kg.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1411-the-gioi-chot-phien-tang-nhe-xang-trong-nuoc-chieu-nay-nhieu-kha-nang-se-giam-293702.html