Gasoline price today January 7, 2025: Crude oil price decreased
Oil prices today January 7, 2025: Crude oil prices fell at the beginning of the week due to increased heating demand due to winter storms in the United States.
World oil prices
According to Oilprice at 5:30 a.m. on January 7, 2025 (Vietnam time), WTI oil price was at 73.46 USD/barrel, down 0.64% (equivalent to a decrease of 0.47 USD/barrel). Similarly, Brent oil price was at 76.24 USD/barrel, down 0.35% (equivalent to a decrease of 0.27 USD/barrel).
Oil prices fell in volatile trading on Monday as some downbeat economic news from the United States and Germany offset support from a weaker dollar and forecasts for increased heating demand due to winter storms. Despite the decline, both crude benchmarks remained in technically overbought territory for a third straight day.
Brent crude hit its highest level since October 14 on Friday, and WTI crude closed at its highest since October 11, partly due to expectations of more aggressive fiscal stimulus to revive China's weakening economy.
With interest in energy trading growing in recent weeks, open interest in WTI futures on the New York Mercantile Exchange jumped to 1.933 million contracts on Friday, the highest level since June 2023.
“The oil market enters 2025 with balanced supply and demand fundamentals, but prices are supported by persistent geopolitical tensions,” analysts at Eurasia Group, a consultancy, said in a report.
“The oil market is likely to continue to see low demand growth this year, which could be outpaced by new supply, particularly from the US and potentially from OPEC,” Eurasia Group said.
In the United States, the world's largest economy, new orders for manufactured goods fell in November due to weak demand for commercial aircraft while business spending on equipment appeared to have slowed in the fourth quarter, according to data from the Commerce Department's Census Bureau.
In Germany, Europe's largest economy, annual inflation rose more than expected in December as food prices rose and energy prices fell less than in previous months. To combat high inflation, central banks typically raise interest rates, which can slow economic growth and energy demand.
Crude oil prices rose earlier in the day as a winter storm swept through the United States, sending natural gas, a heating fuel, prices soaring 10% on Monday, while diesel futures closed at their highest since October 7.
Crude oil prices also rose in early trading as the dollar (.DXY) fell 1.1%, open new tab, against a basket of other currencies after a newspaper reported that President-elect Donald Trump was considering imposing tariffs only on key imports, potentially a relief for countries expecting broader tariffs.
However, the dollar pared much of that loss after Trump denied the newspaper's report. A weaker US currency makes dollar-priced commodities like oil cheaper for buyers using other currencies.
In China, the world's second-largest economy, the yuan ended the onshore session at its weakest in 16 months against the US dollar on trade concerns.
In a sign of expectations for stronger demand, Saudi Aramco, the world's top oil exporter, raised crude prices to Asian buyers in February for the first time in three months.
Meanwhile, Sudan has lifted a nearly year-long force majeure on crude oil shipments from neighboring South Sudan to a Red Sea port after security conditions improved.
Domestic gasoline prices
Domestic retail gasoline prices on January 7, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 2 by the Ministry of Finance - Ministry of Industry and Trade.
Specifically, the price of E5 RON 92 gasoline increased by VND240/liter, to VND20,057/liter; RON 95 gasoline increased by VND199/liter, to VND20,746/liter.
Diesel 0.05S price: Increased by 125 VND/liter, at 18,755 VND/liter; kerosene increased by 126 VND/liter, at 18,834 VND/liter; mazut 180CST 3.5S increased by 129 VND/kg, at 16,099 VND/kg.
In this adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel, kerosene, and mazut. Thus, this is the first gasoline price adjustment session this year.
