The information about the increase in US crude oil reserves has dealt a strong blow to the oil market, thereby causing oil and gas prices to plummet today.
As of 8:00 am on October 21st, Vietnam time, on the New York Mercantile Exchange, WTI light sweet crude oil delivered in December was at 39.85 USD / barrel, down 0.18 USD / barrel in the session. However, if compared with the same time on October 21st, the WTI oil price delivered in December 2020 fell to $ 1.58 / barrel.
Meanwhile, the price of Brent oil delivered in December 2020 was at 41.60 USD / barrel, down 0.13 USD / barrel in the session and 1.08 USD / barrel compared to the same period on October 21st.
Oil prices on October 22nd fell sharply in the context of concerns about an imbalance between supply and demand in the growing crude oil market.
In the latest developments, the US National Petroleum Institute (API) has just reported that crude oil reserves of this country suddenly increased in the last week.
Specifically, according to the API report, US crude oil inventories for the week ended October 16 increased 584 thousand barrels, to 490.6 million barrels, in contrast to the 1-million-barrel decrease forecast made earlier.
In addition, the number of Covid-19 cases that have been constantly increasing in some countries recently also raised concerns about energy consumption, including crude oil, in the coming time.
The Organization of the Exporting Countries (OPEC) and its allies, first and foremost Russia, have confirmed that the current 7.7 million bpd reduction (excluding volume offsets) will be 5, 8 million in January 2021.
Oil prices today are also under pressure from the Libyan oil production is being promoted strongly. According to one source, oil production in Sharara, Libya’s largest oil field, has been resumed since October 11th and now stands at around 150,000 barrels per day.
China’s crude imports tend to decline as the country’s oil stocks are filled. Specifically, Reuters quoted IHS Markit director, Shi Fenglei, as saying that in the last quarter of 2020, China’s crude oil imports could decrease by 14.5% compared to the third quarter, or 1.7 million. barrels / day.
In the domestic market, today’s oil and gas prices are as follows: E5 RON 92 gasoline price is not higher than 14,268 VND / liter; RON 95 gasoline price is not higher than 15,122 VND / liter; diesel oil price of 0.05S is not higher than 11,128 VND / liter; oil price is not higher than 9,594 VND / liter; mazut oil price 180CST 3.5S not higher than 10,921 VND / kg.