Gasoline prices today December 25: Closed for Christmas trading
Oil prices today December 25: Trading is closed for Christmas and there will be no reports on the global oil market today.
World oil prices
While liquidity in the oil market is typically very low during Christmas, China created a bullish catalyst for both Brent and WTI during the trading session by announcing a record sale of Treasury bonds on December 24, experts said.
Recorded on Oilprice at 7:20 a.m. on December 25, 2024 (Vietnam time), WTI oil price was at 70.1 USD/barrel, up 1.24% (equivalent to an increase of 0.86 USD/barrel). Similarly, Brent oil price was at 73.58 USD/barrel, up 1.31% (equivalent to an increase of 0.95 USD/barrel).
Oil prices gave up losses from the previous session after news that China had agreed to issue 3 trillion yuan ($411 billion) in special treasury bonds next year, the largest ever issuance and three times the amount issued this year, as Beijing ramps up fiscal stimulus to revive its flagging economy.
China's stimulus measures are likely to support WTI crude oil prices in the short term, said OANDA senior market analyst Kelvin Wong.
Tommy Xie, head of Asian macro research at OCBC Bank, said the issuance “exceeded market expectations.” The central government is the only entity with real capacity to create additional leverage, so any central government bond issuance is seen as a positive development that could potentially provide additional support for growth, he explained.
Meanwhile, FGE analysts said they expect benchmark oil prices to fluctuate around current levels in the near term until there is a clearer view of the global oil balance in 2024 and 2025.
Some analysts have pointed to signs that oil demand will rise further in the coming months.
Neil Crosby, vice president of oil analysis at Sparta Commodities, said that 2024 is coming to an end, with major agencies agreeing that the long-term oil balance of 2025 is starting to break down. The vice president said the US Energy Information Administration (EIA) recently forecast lower oil demand in 2025 despite OPEC+ increasing some supply.
U.S. crude and fuel inventories are expected to have fallen last week, with crude inventories down about 1.9 million barrels, a Reuters poll showed. Detailed data from the American Petroleum Institute will be released later today.
The market will also be watching data related to the US economy, the world's largest oil consumer.
While US consumer confidence weakened in December, new orders for key manufactured goods jumped in November amid strong machinery demand and a rebound in new home sales, suggesting the US economy is on solid footing as the year ends, Reuters reported.
Domestic gasoline prices
Domestic retail gasoline prices on December 25, 2024 will be applied according to the adjustment session from 3:00 p.m. on December 19 by the Ministry of Finance - Ministry of Industry and Trade.
Specifically, the price of E5 RON 92 gasoline increased by VND383/liter, to VND20,244/liter; RON 95 gasoline alone increased by VND408/liter, to VND21,004/liter.
Price of diesel 0.05S: Increased by 478 VND/liter, to 18,733 VND/liter; kerosene increased by 402 VND/liter, to 18,968 VND/liter; fuel oil 180CST 3.5S increased by 329 VND/kg, to 15,903 VND/kg.
In this operating 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 oil, kerosene, and mazut oil.
Thus, from the beginning of 2024 up to now, domestic gasoline prices have gone through 50 adjustment sessions, including 23 decrease sessions, 20 increase sessions and 8 opposite sessions.