Gasoline price today February 17: Maintaining the upward trend
Gasoline prices today (February 17) on the world market still maintained a slight increase due to more positive expectations for consumption demand.
Data from Oilprice showed that at 8:14 p.m. on February 16 (Vietnam time), Brent crude oil for April delivery was trading at $85.45 per barrel, up $0.07, or 0.08%, from the previous session. WTI crude oil for March delivery was trading at $78.77 per barrel, up $0.18, or 0.23%, from the previous session.
According to analysts, oil prices today continued their upward trend from yesterday due to more positive expectations for consumption demand, especially in the Chinese market.
The International Energy Agency (IEA) in its February report gave a relatively positive assessment of the demand outlook in 2023.
Accordingly, the agency has raised its forecast for average global oil consumption to 101.9 million barrels per day. In the Asia-Pacific region alone, consumption will increase by 1.6 million barrels per day, with China contributing an increase of about 900,000 barrels per day compared to 2022.
While supply is revised up by 200,000 barrels per day from the previous report, average production in 2023 could be around 700,000 barrels per day less than demand, which should be a long-term driver of oil prices.
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Oil prices maintain upward momentum. Photo: Oilprice |
China will account for nearly half of oil demand growth this year after the country eased Covid-19 restrictions, the IEA said.
In addition, the IEA also said that Russia's production of about 1 million barrels per day will stop by the end of the first quarter of 2023 due to the European seaborne import ban and the price cap of the G7 countries.
Similarly, in its February oil market report, the Organization of the Petroleum Exporting Countries (OPEC) outlined its outlook for oil demand.
In this report, OPEC forecasts that this year, world oil demand will increase by 2.32 million barrels/day to an average of 101.87 million barrels/day. This figure is 100,000 barrels/day higher than last month's forecast, with expectations that consumption in Asian markets, especially China, will soon explode.
OPEC expects China's demand to grow by 590,000 barrels per day (bpd) in 2023, up from last month's forecast of 510,000 bpd.
In the domestic market, the selling prices of gasoline and oil today (February 17) are applied according to the prices at the operating session on February 13 of the Ministry of Finance - Industry and Trade.
Accordingly, gasoline products were adjusted up. E5 gasoline price increased by 540 VND/liter, selling price is 22,860 VND/liter. RON95 gasoline price increased by 620 VND/liter, up to 23,760 VND/liter.
Prices of oil products also decreased. Kerosene decreased by 980 VND, to 21,590 VND/liter; diesel price decreased by 960 VND, to 21,560 VND/liter. Fuel oil price decreased by 300 VND/kg, to 13,630 VND/kg.