Gasoline prices today, May 12: Slight increase thanks to expectations from US-China negotiations
Oil prices today, May 12: Crude oil prices continued to increase slightly as the market reacted positively to positive results from trade negotiations between the US and China.
Specifically, at 11:00 a.m. Vietnam time, Brent crude oil price increased by 0.52% to 64.26 USD/barrel. US WTI crude oil also increased slightly by 0.54% to 61 USD/barrel.
Earlier, at the end of the week on May 11, Brent oil price increased by 1.7% to 63.91 USD/barrel, while WTI oil increased by 1.85% to 61 USD/barrel. Both commodities increased by more than 4% for the whole week, showing that the recovery trend is maintained.
This positive development largely came from optimism after the announcement of "important progress" in the high-level trade meeting between the world's two largest economies in Switzerland, raising expectations of an improvement in global oil demand.
On May 11, the US and China concluded important trade negotiations with positive results. The two sides said they would release a joint statement in Geneva on Monday, opening up new expectations for global energy and trade markets.
Meanwhile, US oil and gas supplies continue to decline. According to a report from energy services company Baker Hughes, in the week ending May 9, the number of oil and gas rigs in the US fell by 6 units to 578, the lowest since January. Of which, the number of oil rigs decreased by 5 to 474, while gas rigs remained at 101.
In the Gulf of Mexico, the rig count fell to nine, the lowest since September 2021. The Permia region also recorded a decline, with the total rig count falling to 285, the lowest since late 2021.
The decline reflects a cautious strategy by US energy companies, which, under pressure from falling oil and gas prices, prioritize maximizing shareholder returns and paying down debt over expanding production. The total rig count has already fallen by about 5% in 2024 and by 20% in 2023.
However, the US Energy Information Administration (EIA) still forecasts US crude oil production to reach 13.4 million barrels per day in 2025, up from a record 13.2 million barrels per day in 2024. However, this figure has been revised down from the previous forecast due to concerns about a global economic slowdown, especially when the US imposes high taxes, affecting the prospect of energy consumption.
On the afternoon of May 8, the Ministry of Industry and Trade and the Ministry of Finance announced an adjustment to domestic retail gasoline prices. Accordingly, prices of major commodities decreased across the board.
Specifically, E5 RON92 gasoline decreased by 377 VND/liter, to a maximum of 18,777 VND/liter. RON95-III gasoline decreased by 407 VND/liter, to 19,179 VND/liter. Diesel oil was also adjusted down by 550 VND/liter, to 16,809 VND/liter. Kerosene decreased by 623 VND/liter, to 16,941 VND/liter.
Mazut oil 180CST 3.5S decreased by 653 VND/kg, currently has a maximum price of 15,533 VND/kg.
These prices are officially effective from 3:00 p.m. on May 8.
