The world is less volatile; this afternoon, domestic gasoline prices may decrease

Today's gasoline prices, October 16, WTI oil prices increased slightly by 0.5%, Brent oil prices "anchored" at 74.25 USD/barrel. This afternoon, domestic gasoline prices are forecast to be adjusted down due to the sharp decline in the world prices in recent sessions.

Gasoline prices today, October 16. This afternoon, domestic gasoline prices are expected to be adjusted down due to the sharp decline in the world prices in recent sessions. (Photo: Ngoc Ha)

Oil prices fell more than 4% to their lowest level in nearly two weeks on Thursday as demand prospects weakened and concerns about supply disruptions from the Middle East eased after the market accepted that Israel would not attack Iran's oil and nuclear facilities.

Brent crude fell $3.21, or 4.14 percent, to $74.25 a barrel. WTI crude fell $3.25, or 4.4 percent, to $70.58 a barrel.

Notably, during the session, both benchmark oil products at one point fell by up to $4 to their lowest level since early October.

Commenting on the “sliding” in oil prices since the beginning of the week, Phil Flynn, senior analyst at Price Futures Group, said the market is seeing the war premium that was built up last week being lifted. According to this analyst, the issue here is not really about supply but about risks to supply and demand.

In just the first two trading sessions of the week, Brent and WTI oil prices have “lost” about $5, almost erasing the cumulative gains achieved after investors worried that Israel might attack Iranian oil facilities in retaliation for Tehran’s missile attack on October 1.

According to the Washington Post , Israeli Prime Minister Benjamin Netanyahu said Israel is ready to attack Iranian military targets, not nuclear or oil targets.

Regarding demand, like the Organization of the Petroleum Exporting Countries (OPEC), the International Energy Agency (IEA) has also cut its forecast for global oil demand growth in 2024, citing weak demand from China.

The IEA forecasts global oil demand will increase by 860,000 barrels per day this year, down 40,000 barrels per day from its previous forecast. However, the agency expects oil demand to increase by 1 million barrels per day in 2025, about 50,000 barrels per day higher than its forecast last month.

Domestic retail prices of gasoline on October 16 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than 21,061 VND/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session this afternoon (October 17). Although world gasoline and oil prices increased last week, in recent trading sessions, prices have decreased sharply, so it is likely that domestic gasoline and oil prices will reverse and decrease.

In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by VND996/liter, RON 95-III gasoline increased by VND1,258/liter, diesel increased by VND1,099/liter, kerosene increased by VND1,139/liter, and fuel oil increased by VND908/kg.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1610-the-gioi-it-bien-dong-chieu-nay-gia-xang-trong-nuoc-co-the-giam-290266.html