Brent and WTI crude oil prices fell over 1% in recent trading, pressured by a significant build in US fuel inventories.
- Gasoline stockpiles surged by 6.3 million barrels to 237.7 million barrels, far exceeding analysts’ expectations of a 1.5 million barrel increase. Distillate fuel inventories also climbed by 6.1 million barrels to 128.9 million barrels, well above forecasts for a 600,000 barrel rise.
- Crude oil inventories, however, declined slightly by 959,000 barrels to 414.6 million barrels, less than the expected 184,000 barrel draw.
- “The large builds in fuel inventories, coupled with a stronger US dollar, have put significant downward pressure on oil prices,” said Andrew Lipow, president of Lipow Oil Associates.
- BMI forecasts Brent crude to average $76 per barrel in 2025, down from $80 per barrel in 2024. Increased supply from non-OPEC countries could continue to weigh on oil prices going forward.
Vietnam Keeps Domestic Fuel Prices Steady
Vietnam has decided to maintain domestic retail fuel prices at the levels set on January 2, 2025. Gas and oil prices:
- As of January 9, 2025, the retail prices for various fuels are as follows: E5 RON 92 at VND 20,057 per liter, RON 95 at VND 20,746 per liter, diesel at VND 18,755 per liter, kerosene at VND 18,834 per liter, and mazut at VND 16,099 per kilogram.
- The Ministry of Finance and Industry and Trade has decided not to use or replenish the price stabilization fund for petroleum products in this pricing cycle.
- Global oil prices may continue to fluctuate in the short term due to supply and demand factors, as well as exchange rate fluctuations. Domestically, fuel prices may see a slight increase in the next pricing cycle if global crude oil prices do not improve significantly.
