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| Today's oil price, November 10. At the end of the trading session on November 9, Brent oil price increased slightly to 80 USD/barrel. (Source: Oilprices) |
Specifically, Brent crude futures rose 47 cents, or 0.59%, to $80.01 a barrel. Similarly, US WTI crude rose 41 cents, or 0.54%, to $75.74 a barrel.
At the end of the trading session on November 9, comments by US Federal Reserve Chairman Jerome Powell indicating the possibility of future interest rate hikes shook the stock and crude oil markets' hopes of strong demand.
Commenting on the oil price volatility, John Kilduff, partner at Again Capital LLC, said: “There is a macroeconomic headwind that is affecting the market right now.”
Jim Burkhard, vice president and head of oil market research at S&P Global Commodity Insights, said market fundamentals dominated trader sentiment throughout the trading session on November 9 as concerns about supply disruptions in the Middle East eased.
“The outbreak of the Israel-Hamas conflict has created volatility and added risks, but it has not affected the fundamentals of the oil market,” the official said. “Oil prices remain below the levels seen in late September, a week before the Hamas attack. Strong fundamentals in the oil market outweigh any concerns at the moment,” Burkhard said.
Brent oil prices have fallen nearly $20 since their September peak.
Data from China on November 9 showed policymakers are struggling to control deflation, raising doubts about the chances of a broad economic recovery in the world's largest consumer of goods, Reuters reported. Earlier this week, customs data showed China's total exports of goods and services fell faster than expected.
Similarly, demand indicators also show weak demand from the US.
Data from the American Petroleum Institute showed that US crude inventories rose by 11.9 million barrels in the week to November 3. If confirmed, this would be the largest weekly increase since February. However, the US Energy Information Administration has postponed the release of its weekly oil inventory data until November 15, citing system upgrades.
Also in the trading session on November 9, the market had some optimism thanks to the belief that the world's major central banks have completed raising interest rates. High interest rates increase borrowing costs, reducing demand in markets, including oil.
Next week, both OPEC and the International Energy Agency (IEA) will give their views on the fundamental oil supply and demand situation. Later in the month, OPEC is scheduled to meet to discuss production policy for 2024.
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 November 1 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 22,614 VND/liter. RON 95 gasoline is not more than 23,929 VND/liter. Diesel oil not more than 21,940 VND/liter. Kerosene not more than 22,305 VND/liter. Fuel oil not exceeding 16,240 VND/kg. |
In this management period, the joint ministries decided not to set aside and not to use the Price Stabilization Fund for all petroleum products.
Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 19 increases, 9 decreases, and 3 unchanged.
On November 9, a leader of a major petroleum enterprise in the South said that gasoline prices in the next adjustment period may decrease across the board. The reduction in gasoline prices is lower than that of oil prices, ranging from 150 - 700 VND/liter/kg, not including the Petroleum Price Stabilization Fund and other taxes and fees, if any, changes.
In another development, petroleum wholesalers increased discounts to clear warehouses. On November 9, Petro Times announced discounts of VND1,400 - 1,450 per liter for gasoline; VND2,150 per liter for oil, for pick-up at warehouses in the northern region. Nam Long Petroleum Joint Stock Company announced discounts of VND2,700 per liter for diesel, VND1,300 per liter for gasoline, for pick-up at Nha Be warehouse (Ho Chi Minh City).
On November 9, the retail price of gasoline in zone 2 (far from ports, warehouses...) updated by Petrolimex is as follows: RON 95-V gasoline 25,050 VND/liter, RON 95-III gasoline 24,390 VND/liter, diesel 22,370 - 23,460 VND/liter, kerosene 22,740 VND/liter and fuel oil 16,560 - 20,180 VND/kg.
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