World oil prices
At 6:00 a.m. on January 14, Brent oil was trading at 78.32 USD/barrel, up 0.91 USD/barrel, WTI oil was at 72.76 USD/barrel, up 0.74 USD compared to early this morning.
The conflict in the Middle East has not shown any signs of abating, along with the closure of Libya's Sharara oil field with a capacity of 300,000 barrels/day, causing supply disruptions. These are factors that supported Brent and WTI oil prices to increase in this trading session.
World oil prices continued to climb today, January 14. (Illustration photo)
According to Reuters, oil prices rose at the end of the week due to the rerouting of many oil tankers through the Red Sea. This happened after the US and UK launched air and sea strikes against Houthi targets in Yemen (following attacks on ships by the Iran-backed group).
Analysts and industry experts note that while the diversion of vessels is expected to push up costs and shipping times for oil, supply has not been affected yet.
So the increase in oil prices is not too strong, analysts and industry experts added.
“While the lack of shipping through the Red Sea… creates shipping issues for some crude supplies, the impact on the physical oil market has been minimal so far,” said Matt Stephani, president of investment advisory firm Cavanal Hill Investment Management.
Also according to Matt Stephani, if the conflict spreads to the other side of the Arabian Peninsula, the oil market could react much more strongly.
Tanker companies Stena Bulk, Hafnia (HAFNI.OL) and Torm (TRMDa.CO) all said they had decided to halt all vessels heading to the Red Sea.
The Red Sea is a vital route between Europe and Asia, carrying about 15% of the world’s shipping traffic. And diverting tankers around South Africa would also push up freight rates as ships take longer routes.
However, the head of the Suez Canal Authority, Osama Rabie, said traffic was still operating normally in both directions and there was no exact information about the suspension of waterway traffic due to developments in the Red Sea.
Also supporting oil prices, China bought a record amount of crude in 2023 as demand recovered from a pandemic-induced slump, despite economic difficulties in the world's largest energy consumer.
On the supply side, oilfield services firm Baker Hughes said the US oil rig count - an indicator of future output - fell by two to 499 this week.
Domestic gasoline prices
Currently, the domestic retail price of gasoline on January 14, 2024 is applied according to the adjustment session from 3:00 p.m. on January 11 by the Ministry of Finance - Industry and Trade.
Specifically, the price of E5 RON 92 gasoline increased by 35 VND/liter, to 21,041 VND/liter; RON 95 gasoline increased by 19 VND/liter, to 21,935 VND/liter.
Similarly, the price of diesel increased by 339 VND/liter, to 19,707 VND/liter; kerosene increased by 374 VND/liter, to 20,331 VND/liter and Mazut increased by 320 VND/kg, to 15,815 VND/kg.
The domestic retail price of gasoline on January 14, 2024 will be applied according to the adjustment session from 3:00 p.m. on January 11 by the Ministry of Finance - Ministry of Industry and Trade. (Illustration photo: Cong Hieu)
In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to set up a price stabilization fund for fuel oil, not set up for gasoline, diesel oil and kerosene; and not use the fund for all gasoline products.
Specifically, the price stabilization fund for fuel oil is set at 300 VND/kg (as in the previous period), and no fund is set aside for gasoline, diesel and kerosene.
Thus, from the beginning of the year until the latest adjustment this afternoon, gasoline prices have undergone 40 adjustments, including 22 increases, 15 decreases, and 3 unchanged.
PHAM DUY
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