Gasoline prices today 13/11: Decreased sharply

The cautiousness of investors in the face of the Covid-19 epidemic and the negative forecast for oil demand in 2021 pulled today’s gasoline prices down sharply.
 

As of early the morning of November 13, according to Vietnam time, on the New York Mercantile Exchanghe, the WTI light sweet crude oil delivered in January 2021 stood at $ 40.94 / barrel, down $ 0.47 / barrel. in session.

Meanwhile, the price of Brent oil delivered in January 2021 stood at $ 43.10 / barrel, down $ 0.43 / barrel during the session.

Oil prices on November 13 fell sharply mainly because the market was concerned about the prospects of economic recovery before the Covid-19 epidemic.

The success of the Covid-19 vaccine research has increased the prospects of a global economic recovery, but it still takes a long time to be widely deployed. Meanwhile, after nearly a year of struggling with the Covid-19 epidemic, the “health” of the global economy has been greatly injured, taking a certain time to recover and regain its growth momentum.

The decline of the stock market after 2 explosive sessions also negatively affected investors’ sentiment, thereby pulling oil prices down today.

In addition, negative forecasts about oil demand in the remaining months of 2020 and the whole year 2021 also make oil prices on November 13 plummet.

In its November 11 monthly report, OPEC reduced its forecast for global oil demand by the end of 2020 and 2021 due to a deteriorating economic outlook following limited measures taken to prevent blocking the second Covid-19 wave.

Specifically, OPEC expected global oil demand to fall by 9.8 million barrels / day (mb / d) by 2020, a month ago it forecast a decrease of just 9.5 mb / d. Therefore, the total demand could be around 90 mb / d.

For 2021, demand was also revised down by 0.3 mb / d, OPEC is now predicting a recovery at 6.2 mb / d, compared with 6.5 mb / d in the previous report. announced mid-October. Global demand will therefore reach 96.3 mb / d next year.

These adjustments take into account a deterioration in the economic prospects of the OECD countries due to the limited measures associated with Covid-19 and the negative effects they have on the demand for fuel for delivery. information and industry to mid-2021, emphasized OPEC.

In the domestic market, today’s gasoline price is listed as follows: E5 RON 92 gasoline price is 13,885 VND / liter; RON 95 gasoline is 14,701 VND / liter; diesel oil is 10,838 VND / liter; kerosene is 9,562 VND / liter and mazut oil is 11,091 VND / kg.

Ha Le