Gasoline price today November 16, 2024: World oil price 'plummets'
Oil prices today November 16, 2024: World oil prices fell more than 2% due to weaker demand from China and the possibility of a slowdown in the pace of interest rate cuts by the FED.
World oil prices
According to Oilprice (at 5:00 a.m. on November 16, 2024, Vietnam time), WTI oil price decreased by 2.47%, equivalent to 1.70 USD/barrel, to 66.99 USD/barrel. Similarly, Brent oil price decreased by 2.03%, equivalent to 1.47 USD/barrel, to 71.09 USD/barrel.
U.S. gasoline and distillate inventories fell, contrary to analysts' expectations, pushing U.S. gasoline prices higher. However, heating oil prices fell slightly.
US crude oil inventories increased by 2.1 million barrels, nearly three times higher than experts' previous predictions, limiting the increase in oil prices and even pushing prices down.
Analysis shows that oil supply from the region is far outstripping demand, continuing to put downward pressure on oil prices. Oil prices are currently at their lowest level in a year, down about 10% compared to the same period last year.
China's refineries processed 4.6% less crude oil in October than a year earlier, as some plants closed and smaller plants reduced their capacity, data from the National Bureau of Statistics showed.
President-elect Donald Trump has vowed to end China’s most-favored-nation trade status and impose a 60% import tariff on Chinese goods, a significantly higher rate than during his first term.
US retail sales rose 0.4% in October, beating expectations for a 0.3% gain. This suggests that the US economy started the fourth quarter on a strong note. In addition, September retail sales were also revised up from 0.4% to 0.8%.
The likelihood of the US Federal Reserve cutting interest rates by 25 basis points in December has dropped to about 50-60%, according to Tim Snyder, chief economist at Matador Economics.
The International Energy Agency (IEA) forecasts that by 2025, oil supply could exceed demand by more than 1 million barrels per day, even if OPEC+ continues to cut production.
Domestic gasoline prices
The Ministry of Industry and Trade - Ministry of Finance has just decided to adjust and reduce gasoline prices as follows:
RON 95-III gasoline decreased by 247 VND/liter, to 20,607 VND/liter.
E5 RON 92 gasoline decreased by 292 VND/liter, to 19,452 VND/liter.
Diesel oil decreased by 344 VND/liter, to 18,573 VND/liter.
Kerosene decreased by 306 VND/liter, to 18,988 VND/liter.
Fuel oil decreased by 385 VND/kg, to 16,099 VND/kg.
During this adjustment period, the management agency did not set aside or use the Petroleum Price Stabilization Fund for petroleum products. Since the beginning of the year, gasoline prices have increased 21 times and decreased 24 times.
