Set for 2nd consecutive week of price increase

Gasoline price today October 14, 2024

Recorded on Oilprice at 5:00 a.m. on October 14, 2024 (Vietnam time), WTI oil price was at 75.49 USD/barrel, down 0.38% (equivalent to a decrease of 0.29 USD/barrel).

WTI oil price on the world market in the early morning of October 14 (Vietnam time)

Similarly, Brent oil price was at 78.79 USD/barrel, down 0.45% (equivalent to a decrease of 0.36 USD/barrel).

Brent oil price on the world market early morning October 14 (Vietnam time)

The oil market will be in trouble in 2025, and crude oil prices could fall, much lower, according to Tom Kloza, global director of energy analysis at Oil Price Information Service. The oil analyst said crude oil prices will face further downward pressure in 2025 despite concerns that conflict in the Middle East could escalate and push prices higher.

Traders should not bet on supply disruptions in the Middle East, he said, and the world is so oversupplied with oil that prices are bound to fall.

The United States produced more oil than any other country in history in 2023, according to data from the Energy Information Administration. The production boom is likely to last until at least 2026, Goldman Sachs previously estimated, citing factors such as increased drilling efficiency.

OPEC+, the Saudi Arabia-led oil alliance, is also expected to produce more crude later this year, Kloza said, pointing to a recent ministerial meeting to review the oil market situation.

" Oil prices are headed lower, and I think they're still headed lower. Because you have to consider that there's probably about 600,000 or 700,000 [barrels] of extra crude for export that's coming out of Saudi Arabia and Iraq," Kloza said. "You have a market that's headed lower ." Kloza dismissed concerns that supply disruptions could arise from conflict in the Middle East.

" It's not a possibility. It's like the possibility that the Giants and Jets could win the Super Bowl this year, but I wouldn't bet on that ," he said.

Kloza said major investors are also no longer trying to “chase” oil, which he believes could limit the upside in crude prices.

He pointed to estimates from other energy forecasters who have predicted that oil prices could trade as low as $50 a barrel, down about 37% from where Brent crude was trading on Thursday.

“ I think oil prices are going to fall a lot, and whoever wins the presidential election next month is going to have a little bit of an oil deflation problem. Every balance sheet figure for 2025 points to the world having more oil than it really needs, and if OPEC+ comes back to the market with some of the cuts, I think that’s going to be a real problem in 2025 ,” he said.

Domestic retail gasoline prices on October 14, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 10 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,846	+996
RON 95 gasoline	21,061	+1.258
Diesel	18,500	+1.099
Oil	18,790	+1.139
Fuel oil	15,911	+908

Specifically, the price of E5 RON 92 gasoline increased by VND996/liter to VND19,846/liter; RON 95 gasoline increased by VND1,258/liter to VND21,061/liter.

Diesel 0.05S price: Increased by 1,099 VND/liter, up to 18,500 VND/liter; Kerosene increased by 1,139 VND/liter, up to 18,790 VND/liter; Madut 180CST 3.5S increased by 908 VND/kg, up to 15,911 VND/kg.

Gasoline price today October 14, 2024. Illustration photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 40 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 4 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-14102024-xac-lap-tuan-tang-gia-thu-2-lien-tiep-352191.html