Gasoline price today October 17, 2024: Continue to decrease
Oil prices today October 17, 2024: WTI and Brent crude oil prices continued to decrease, at the lowest level in the past 2 weeks.
World oil prices
WTI and Brent crude oil prices on the world market decreased in the trading session on October 17. Specifically, WTI oil price increased slightly by 0.2% (equivalent to 0.14 USD/barrel) compared to the end of October 16, reaching 70.7 USD/barrel, but decreased by 0.4 USD/barrel compared to the beginning of the morning session on October 16.
Brent oil price also increased by 0.2 USD/barrel compared to the end of the previous session, reaching 74.5 USD/barrel, but decreased by 0.26 USD/barrel compared to the morning of October 16.
Since October 11, WTI oil prices have decreased by 5.1 USD/barrel (down 6.7%), while Brent oil prices have decreased by 4.86 USD/barrel (down 6.1%).
Crude oil futures on Oilprice also fell, with WTI at $70.7 a barrel and Brent at $74.2 a barrel.
Between October 15 and October 17, Brent crude oil prices fell from $77 a barrel to $74 a barrel. Although Brent crude oil prices have fallen, the current price is still not the lowest compared to late September, when prices fell to $70 a barrel.
In October 2024, the average crude oil price increased compared to the previous month, but only slightly more than 1%.
The period from October 14 to 16 saw a price increase from 2.6% to 3.76%, indicating a decline in the bullish momentum.
The spread between crude oil prices in October and the previous month narrowed, reflecting a return to price stability after much volatility due to the unstable situation in the Middle East.
Iran, a member of OPEC, produced about 4 million barrels of oil per day last year, and is expected to export about 1.5 million barrels per day this year.
OPEC and the IEA have cut their forecasts for global oil demand growth through 2024, partly due to weak demand from China.
Positive economic news from the US and Europe helped limit the decline in oil prices during trading sessions.
The euro zone showed signs of economic recovery despite slowing growth, while US import prices fell the most in nine months in September, a sign that inflation may be easing and the Fed could cut interest rates further.
US crude oil inventories fell by 1.58 million barrels in the week ended October 11, compared with analysts' forecasts for a 3.2 million barrel increase, while gasoline inventories fell by 5.926 million barrels and distillate inventories fell by 2.672 million barrels.
Domestic gasoline prices
In the most recent adjustment period (October 10), the prices of all types of gasoline and oil were adjusted to increase sharply by the Ministry of Industry and Trade - Ministry of Finance. In particular, the price of E5 RON 92 gasoline was adjusted to increase by VND 990/liter, up to VND 19,840/liter. The price of RON 95 gasoline was adjusted to increase by VND 1,260/liter, with a selling price of VND 21,060/liter. Similarly, the price of diesel increased by VND 1,100/liter, up to VND 18,930/liter. The price of kerosene increased by VND 1,140/liter, with a price of VND 18,790/liter...
The director of a petroleum distribution company in the South revealed that crude oil prices suddenly dropped after Israel announced it would not attack Iran.
Imported gasoline prices fell on October 15, with RON 95 gasoline falling to $84.88 per barrel and RON 92 gasoline falling to $78.39 per barrel.
It is expected that domestic gasoline prices will decrease by 100-150 VND/liter and diesel by 150-200 VND/liter in the next adjustment period.
If the Ministry of Industry and Trade and the Ministry of Finance use the Price Stabilization Fund, the reduction in gasoline prices may be less.
A petroleum distribution business in the North also predicted that gasoline and oil prices will decrease tomorrow.
Gasoline discounts on October 15 increased to around VND1,100-1,650/liter at many depots. If gasoline prices decrease as forecast, this will be the lowest price in more than 3 years, equivalent to the end of June 2021.
This year, gasoline prices have increased 20 times and decreased 21 times, while diesel prices have increased 18 times and decreased 21 times.
The petroleum price stabilization fund of some companies still has a positive balance because the fund has not been used in many recent operating periods.
The fund balance as of the end of the second quarter was VND6,061 billion, down VND18 billion compared to the previous quarter and the fifth consecutive quarter of decline.
The fund balance at Petrolimex, the company that accounts for half of the domestic petroleum retail market share, is nearly VND3,079 billion, accounting for more than half of the total balance.
