In the context of a disruption in the US oil supply market due to the impact of a hurricane in the Gulf of Mexico, today’s oil and gas prices were stable on fears of falling oil demand.
As the early morning of August 25th, Vietnam time, on the New York Mercantile Exchange, the price of WTI light sweet crude oil delivered in October 2020 was at 42.46 USD / barrel, down 0.16 USD / barrel in the session and almost unchanged from the same time on August 24th.
Meanwhile, the price of Brent oil delivered in October 2020 was at 45.09 USD / barrel, down 0.04 USD / barrel in the session. However, if compared with the same time on August 24th, the price of Brent oil delivered in October 2020 has increased by 0.61 USD / barrel.
Oil price on August 25th transactions was stable and tended to go up mainly because the market feared that storms hitting Mexico Bay would disrupt oil supply in the market.
On August 23rd, two storms of Marco and Laura swept through the area, prompting energy companies to withdraw workers from offshore rigs and stop production. In which, 58% of operations off the Gulf of Mexico had to stop on August 23rd.
The US authorities’ permission to use blood plasma from patients in the treatment of Covid-19 also raised expectations about the prospect of economic recovery.
Investors are currently paying attention to the speech of the President of the US Federal Reserve (FED) Jemero Powell on August 27th to have more grounds for comments on the level of background support of this agency in the coming time.
However, today’s oil prices are also under considerable pressure from the progress of the Covid-19 epidemic which is still increasing in many countries.
In the domestic market, today’s oil and gas price is as follows: E5 RON92 gasoline price is not higher than 14,409 VND / liter; gasoline price RON95-III is not higher than 14,922 VND / liter; Diesel oil price of 0.05S is not higher than 12,201 VND / liter; kerosene price is not higher than 10,207 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.