Oil and gas prices today October 12th decreased as supply increased

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Oil and gas production resumed after storm Delta in the Gulf of Mexico weakened and a strike in Norway reached an agreement dragged down gasoline prices today.

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By 10 a.m. October 12^th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December was at $ 40.60 / barrel, down $ 0.31 / barrel in the session.

Meanwhile, the price of Brent oil delivered in December 2020 was at 42.50 USD / barrel, down 0.35 USD / barrel during the session.

Oil prices on October 12^th continued to decline in the context of oil and gas exploitation activities in the Gulf of Mexico and Norway resumed, increasing oil supplies in the market.

Hurricane Delta, the storm recorded the strongest impact on energy extraction in the Gulf of Mexico in the past 15 years, weakened to a tropical depression on October 11^th. Since Delta storm weakened, workers returned to the oil facilities. Tatal SA has also restarted the refinery in Port Arthur, Texas.

In the US government data, oil production in the Gulf of Mexico area reached 1.65 million barrels / day in July 2020. Delta has shut down 29% of US offshore oil production in the Gulf of Mexico, accounting for 17% of total US crude production.

The strike of workers working at the drilling rigs off the coast of Norway was also temporarily terminated when the parties reached the agreement.

In the domestic market, today’s oil and gas prices are listed as follows: E5 RON 92 gasoline price is not higher than 14,215 VND / liter; RON 95-III gasoline price is not higher than 14,984 VND / liter; Diesel oil price of 0.05S is not higher than 11,128 VND / liter; kerosene price is not higher than 9,449 VND / liter; mazut oil price 180CST 3.5S not higher than 10,826 VND / kg.

However, according to the leading petroleum enterprises, with the movement of gasoline prices in the operating period from September 26^th to October 8^th, today’s gasoline price is likely to be approved by the agency. Executive adjustment slightly increased from 50 – 120 VND / liter.