The strong uptrend has not stopped, full of concerns about supply
On May 26, the US WTI light sweet crude oil increased slightly, anchored above the level of 111.09 USD/barrel (up 0.76 USD/barrel during the session), similarly, Brent crude oil was also above the 114.68 USD/barrel mark. barrels (up 0.65 USD/barrel in session) for the contract for delivery in July.
Ending the late trading session on May 25, Brent oil contract advanced 47 cents to 114.03 USD/barrel, WTI oil added 56 cents to 110.33 USD/barrel.
Gasoline prices today May 26: Continuing the upward momentum because of tight supply.
The pressure of supply shortage “heats up” again when the news that the US is considering restricting exports and China’s efforts to control the epidemic to lift the blockade in Shanghai on June 1 have supported. petrol price today continued strong growth.
Oil prices on May 26 maintained a strong upward momentum as concerns about tightening supply grew when the market received information that the US was considering restricting exports to cool down domestic energy prices.
Data from the United States showed that the country’s crude oil inventories fell by 1 million barrels last week, gasoline stocks also fell slightly, distillate stocks increased 1.7 million barrels. Information says, American refineries increased processing speed, raising capacity utilization to 93.2%, the highest level since December 2019. This is a move to cope with the great demand for domestic service and especially for the export of refined products. The country’s exports of refined products also increased to more than 6.2 million bpd last week.
The European Union (EU) is also said to be moving closer to a Russian crude oil embargo. This means that European countries will be forced to look for alternative sources of supply in the market.
Oil prices rose sharply today due to the already tight supply of crude oil due to the Kashagan oil field – Kazakhstan’s offshore oil field – cutting production by nearly half since the beginning of 2022 to carry out maintenance. .
Elsewhere, Beijing is said to be trying to control the epidemic so that Shanghai can lift the blockade orders on June 1.
Oil demand is also expected to recover strongly when the supply chains of goods and production are restored thanks to the excitement of the Chinese market.
Although market demand is expected to recover strongly, the ability to increase output of major suppliers is quite limited, especially OPEC+ member countries.
Thus, the market’s reaction shows that the supply is still scarce when many countries seek to avoid buying oil from Russia due to the conflict with Ukraine, even though the European Union has not yet reached a consensus on the sanctions aimed at phasing out imports of Russian oil.
Gasoline prices In the domestic market:
On May 23, the Inter-Ministry of Industry, Trade and Finance announced the base prices for petroleum products for the price management period from May 24.
Accordingly, at the operating period on May 23, the inter-Ministry of Industry, Trade and Finance decided to stop setting up and spending the petrol price stabilization fund (BOG Fund) for all types of gasoline so that the domestic gasoline price would be lower. lower than the increase in world gasoline prices. In addition, the inter-ministerial decision to increase the setting up of the BOG Fund for oils in order to maintain the BOG Fund to have operating tools in the near future.
Specifically, to set up the BOG Fund for gasoline products E5 RON 92 at 0 dong/liter (previous period was 100 dong/liter) and RON 95 gasoline at 0 dong/liter (previous period was 100 dong/liter). liter), diesel at 300 VND/liter, kerosene at 300 VND/liter and fuel oil at 400 VND/kg. Expenditure of BOG Fund for E5 RON 92 gasoline at 100 VND/liter and RON 95 gasoline at 300 VND/liter (previous period was not spent), oil products were not spent.
We still have the tools to cool down the price of gasoline.
May 26, domestic retail price of petrol Specifically as follows: After making deductions and expenses for the use of the Petroleum Price Stabilization Fund, the current selling prices of popular consumer petroleum products in the market are as follows: E5 RON 92 gasoline price is not higher than VND 29,633 /liter; RON 95 gasoline price is not higher than 30,657 VND/liter; the price of diesel oil 0.05S is not higher than 25,553 VND/liter; the price of kerosene is not higher than 24,405 VND/liter; price of mazut oil 180CST 3.5S is not higher than 20,598 VND/kg.
On the afternoon of May 23, Chairman of the National Assembly’s Economic Committee Vu Hong Thanh also stated “countermeasures” on taxes, responding to a sharp increase in domestic gasoline prices. At the inspection report, Chairman of the National Assembly’s Economic Committee said that the upward trend in basic commodity prices, combined with the impact of the escalating Russia-Ukraine conflict, caused energy prices to rise to a record high. All international organizations forecast the scenario that the average oil price in 2022 will increase by about 20-30 USD (ie about 30-40%, from the average of 69 USD/barrel in 2021 to the average of 90-100 USD in 2021. USD/barrel in 2022). Golman Sachs Bank forecasts that oil prices may rise to $125/barrel in the third quarter of 2022.
Accordingly, the increase in gasoline prices will greatly affect domestic production costs, putting pressure on inflation in 2022. In the current context, the Economic Committee said, there are opinions that besides the need to paying special attention to the risk of inflation from the outside, it is necessary to study the scenario of continuing to reduce excise tax to cope in the event of large fluctuations in world oil prices, as well as to postpone, to delay the increase of taxes and fees in order to stabilize the prices of other consumer goods.
While the delegates all expressed concern about Petrol prices escalatein the corridor of the National Assembly, Minister of Industry and Trade Nguyen Hong Dien emphasized: “In fact, we still have tools to lower the price of gasoline. However, the domestic gasoline price is connected with the world gasoline price. Therefore, the authorities must closely monitor the movements of world gasoline prices to have appropriate adjustment solutions.
According to preliminary statistics of the General Department of Customs, petroleum imports to Vietnam in April 2022 fell sharply by 39.6% in volume and 36.6% in turnover compared to the previous month, reaching 789,335 tons. worth $860.3 million. Nghi Son Refinery commits to supply 1.8 million m3 of petroleum in the second quarter of 2022.
According to the General Department of Customs, in the first 4 months of 2022, the amount of imported petrol and oil reached 3,422,208 tons, worth 3.2 billion USD.
Vietnam imported the most petroleum from South Korea, accounting for 40.4% of the total import turnover, reaching 1,384,859 tons, worth 1.38 billion USD, up 108.6% in volume and 271.7 % of turnover over the same period in 2021; in which, in April 2022, import turnover decreased by 54.2% in volume and 51.0% in turnover compared to March 2022, reaching 325,322 tons, worth 359.1 million USD.
Next is the Malaysian market, accounting for 17.2% of the total import turnover, down 39.4% in volume and up 6.8% in turnover, reaching 660,642 tons, worth 568.3 million USD; In April 2022, imports from this market decreased by 33.1% in volume and 29.4% in turnover.
Following is the Singapore market, accounting for more than 13% of the total import volume and turnover, reaching 450,260 tons, worth USD 442.9 million, up 7.5% in volume and 103.3 % in turnover; April 2022 alone, imports reached 116,498 tons, valued at USD 122.9 million, down 41.0% in volume and 43.7% in value, with an average price of USD 1,055/ton.
at Blogtuan.info – Source: danviet.vn – Read the original article here
