The information that US crude oil reserves increased last week made gasoline prices today turned down sharply.
As the early morning of September 11th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at 37.62 USD / barrel, down 0.04 USD / barre in the session. However, if compared with the same time on September 10th, WTI oil price delivered in November 2020 decreased 0.6 USD / barrel.
Meanwhile, the price of Brent oil delivered in November 2020 was at 39.96 USD / barrel, decreased by 0.10 USD / barrel in the session and decreased to 0.77 USD / barrel compared to the same time on September 10th.
Oil prices on September 11th tended to drop sharply in the context of growing fears of imbalance in supply and demand, especially after the news of increasing US crude oil reserves.
Specifically, according to the US Energy Information Administration (EIA), the country’s crude oil reserves rose 2 million barrels last week. This figure is consistent with the 3 million barrels / day increase forecast which the American Petroleum Institute has made earlier.
In addition, today oil prices are still under pressure to reduce in the context of the Covid-19 epidemic tending to increase in many countries, raising concerns about the prospects of a global economic recovery.
Furthermore, the tense moves between the US and China recently also put considerable pressure on oil prices.
In the domestic market, today’s oil and gas prices are as follows: E5 RON92 gasoline price is not higher than 14,409 VND / liter; gasoline price RON95-III is not higher than 15,114 VND / liter; Diesel oil price of 0.05S is not higher than 11,961 VND / liter; kerosene price is not higher than 10,125 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.
According to the gasoline price management cycle, today September 11, the Ministry of Industry and Trade – Finance will announce the base price for petroleum products for the operating period from September 11th.
From the data of the Ministry of Industry and Trade, in the operating period from August 27th, the price of finished gasoline on the Singapore market tended to decrease. Specifically, the average price of RON 92 gasoline used to blend E5 RON 92 gasoline on the Singapore market is 45.86 USD / barrel, down about 5% compared to the previous operating cycle; meanwhile, the price of gasoline RON 95 is 47.15 USD / barrel, down about 4% compared to the previous operating cycle.
With the above developments, in exchange for the press, the leader of a petroleum business predicted that, if the executive agency does not adjust the spending levels, deducting from the Petroleum Price Stabilization Fund, the gasoline price tomorrow may decrease about 250 -300 VND / liter and oil price can be reduced by about 400 VND / liter.