In the last 10 sessions, WTI crude oil price rose 7, decreasing by 3 sessions. From the transaction of 14.2 USD / barrel on 23/4, ending the session 6/5 to 23.99 USD / barrel.
At the same time, Brent oil price increased from 20.89 USD / barrel to 29.72 USD / barrel, sometimes exceeding 32 USD / barrel. In particular, it is worth mentioning 6 consecutive increasing sessions from April 28 to May 5, up 56% in value.
By 11h45 on 7/5 (according to Vietnam time), WTI oil price increased by 0.18 USD / barrel, up to 25.67 USD / barrel. Brent oil traded around 29.91 USD / barrel.
The price of finished oil sold on the Singapore Exchange (based on operating domestic gasoline prices) as of May 5 is also rising sharply.
Data from the Ministry of Industry and Trade shows that the price of RON 92 gasoline for mixing E5 RON 92 gasoline averages 22.1 USD / barrel, RON 95 gasoline is 23.7 USD / barrel, currently increasing by 19.6% and 20 respectively. % compared to the previous period.
According to Capital Economics , pressure on oil storage in the US is gradually easing. However, the danger of running out of storage space persists.
The US Energy Information Administration recently said crude oil inventories in the US increased for 15 consecutive weeks, an increase of 4.6 million barrels. This figure is 3.2 million barrels lower than Reuters forecasts .
Meanwhile, Iraq - the second largest oil producer OPEC after Saudi Arabia - has not informed customers that it will restrict oil exports. This shows that the Middle East nation is not ready to cut production by agreement.
Currently, the crude oil market is in complete opposite trend last month, sometimes down to - 40 USD / barrel. According to Barrons , investors’ expectation of gasoline and diesel consumption will increase sharply as the United States, Europe and many countries loosen the strict social gap measures to combat the Covid-19 epidemic, causing oil prices to drop. Crude soared.
In addition, global oil companies are drastically cutting production. Rystad Energy statistics show that US crude oil production has dropped by nearly 1 million barrels a day since peaking in March.
However, observers said the crude oil market is still under intense pressure and may fall into crisis in the next few weeks. The biggest problem is that the global oil storage space is increasingly cramped.
