Oil prices reversed and increased slightly

Oil prices today November 15, 2024: Oil prices closed up slightly in a volatile trading session as US fuel reserves fell sharply.

Gasoline price today November 15, 2024

Recorded on Oilprice at 5:00 a.m. on November 15, 2024 (Vietnam time), WTI oil price was at 68.88 USD/barrel, up 0.34% (equivalent to a decrease of 0.23 USD/barrel).

WTI oil price on the world market in the early morning of November 15, 2024 (Vietnam time)

Similarly, Brent oil price was at 72.49 USD/barrel, up 0.29% (equivalent to an increase of 0.21 USD/barrel).

Brent oil price on the world market in the early morning of November 15, 2024 (Vietnam time)

Oil prices closed slightly higher today in a volatile trading session on Thursday, as a sharp drop in US fuel inventories outweighed concerns about oversupply and demand worries stemming from a stronger dollar.

Brent crude oil prices are expected to fall about 1.7% for the week, while WTI crude oil prices are expected to end the week down more than 2% due to a stronger US dollar and concerns about rising supply amid slowing demand growth.

U.S. gasoline inventories fell 4.4 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 600,000-barrel increase. The 206.9 million-barrel stockpile for the week ended Nov. 8 was the lowest since November 2022.

Distillate stockpiles, which include diesel and heating oil, fell 1.4 million barrels, compared with expectations for a 200,000-barrel increase.

US gasoline futures rose 0.8%, while heating oil futures closed down about 0.3% after a brief spike on the data.

However, limiting oil's upside was a 2.1 million barrel build in US crude inventories last week, much higher than analysts' expectations for a 750,000 barrel build.

Meanwhile, the International Energy Agency forecasts global oil supply will exceed demand by 2025 even if OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, continues to cut output, as rising output from the United States and other outside producers outpaces sluggish demand.

The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 barrels per day and kept its 2025 oil demand growth forecast unchanged at 990,000 barrels per day.

The premium of the front-month WTI contract over the second-month contract also narrowed this week to its lowest since June. The narrowing premium, known as backwardation, suggests perceptions of tight supplies for prompt delivery have eased.

The dollar jumped to a one-year high and was headed for a fifth straight day of gains on rising bond yields and President-elect Donald Trump's election victory in the United States.

A stronger greenback makes dollar-priced oil more expensive for holders of other currencies, which could dent demand.

The surge in US 10-year Treasury yields and a spike in the 10-year breakeven inflation rate to 2.35% have added to demand concerns, said Kelvin Wong, senior market analyst at OANDA.

" (This) increases the likelihood that the Fed will embark on a shallow rate cutting cycle in 2025 (and) overall, there will be less liquidity to fuel increased oil demand ," he added.

OPEC on Tuesday cut its forecast for global oil demand growth this year and next, highlighting weakness in China, India and other regions, marking the producer group's fourth straight downward revision to its 2024 outlook.

"Crude oil futures are struggling to establish equilibrium prices as the rising US dollar index is creating additional headwinds, along with the Trump administration now controlling Congress , which is likely to reverse most of the Biden administration's energy policies," Dennis Kissler, senior vice president of trading at BOK Financial, said in a note.

Brent crude is expected to average $80 in 2025, down from its late-September forecast of $85, UBS Switzerland AG oil strategist Giovanni Staunovo wrote in a note, citing lower demand growth estimates, especially from China.

“ Overall, we see the oil market being balanced or slightly oversupplied next year ,” Staunovo said.

Domestic retail gasoline prices on November 15, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 14 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,452	-292
RON 95 gasoline	20,607	-247
Diesel	18,573	-344
Oil	18,988	-306
Fuel oil	16,009	-385

Specifically, the price of E5 RON 92 gasoline decreased by VND292/liter, down to VND19,452/liter; RON 95 gasoline decreased by VND247/liter, down to VND20,607/liter.

Diesel 0.05S price: Down 344 VND/liter, down to 18,573 VND/liter; Kerosene down 306 VND/liter, down to 18,988 VND/liter; Mazut 180CST 3.5S down 385 VND/kg, down to 16,009 VND/kg.

Gasoline price today November 15, 2024. Illustration photo

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 45 adjustment sessions, including 22 decrease sessions, 18 increase sessions and 6 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-15112024-gia-dau-dao-chieu-tang-nhe-358854.html