In the context of the decrease in the US crude oil reserves and a disruption of the country’s offshore oil and gas exploitation activities, gasoline prices today continued to rise sharply to the 3-month peak.
As the early morning of September 17th, according to Vietnamese time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at 40.50 USD / barrel, up 0.09 USD / barrel in the session. However, if compared with the same time on September 16th, WTI oil price delivered in November 2020 increased 1.8 USD / barrel.
Meanwhile, the price of Brent crude oil delivered in November 2020 was at 42.37 USD / barrel, increased 0.15 USD / barrel in the session and increased 1.72 USD / barrel compared to the same period on September 16th.
Oil prices rose sharply on September 17th mainly because the market recorded information about the US crude oil reserves decreased and oil supply from the country was interrupted.
Specifically, on September 15th, more than 25% of US offshore oil and gas operations were affected, and oil export ports were closed when Hurricane Sally landed on the coast of the US Gulf of Mexico.
Elsewhere, also on September 15th, the American Petroleum Institute said that the country’s crude oil reserves fell by 9.5 million barrels last week. This is in stark contrast to forecasts made earlier by analysts that US crude inventories will increase by 1.3 million barrels.
Today’s oil prices are also supported by information that the US will soon have Covid-19 vaccine and investors’ expectation that the Fed will continue to maintain low interest rates as well as deploy support packages and new economic stimulus.
In the domestic market, today’s oil and gas price are as follows: The gasoline price E5 RON 92 is not higher than 14,266 VND / liter (down 143 VND / liter compared to the current price); RON 95-III gasoline price is not higher than 14,984 VND / liter (down 130 VND / liter); 0.05S diesel oil is not higher than 11,518 VND / liter (down 443 VND / liter); kerosene is not higher than 9,593 VND / liter (down 532 VND / liter); mazut oil 180CST 3.5S not more than 10,943 VND / kg (down 240 VND / kg).