PVD1 Rig, Sturgeon 2. Author: Pham Ngoc Phuong

Recorded in the early morning of August 22, 2024, Vietnam time, on the New York Mercantile Exchange, the price of light sweet crude oil WTI for October 2024 delivery was at 71.84 USD/barrel, down 0.09 USD during the session and down 1.21 USD/barrel compared to the same time on August 21.

Brent crude oil price for October 2024 delivery was at 76.04 USD/barrel, down 0.01 USD in the session and down 1.49 USD/barrel compared to the same time on August 21.

World oil prices fell today (August 22) when data from the US Department of Labor showed that US employers created fewer jobs than initially reported in the year to March.

Specifically, the US Department of Labor said that employers in the US created fewer jobs than initially reported in the year to March. Total payroll employment in the period from April 2023 to March 2024 decreased by 818,000 jobs.

“The market is now shifting from pricing in a stronger economy to the possibility of a hard landing, which is why oil prices are not moving higher,” said Phil Flynn, an analyst at Price Futures Group.

Revised jobs data offset support from a drop in US oil inventories, and the Federal Reserve’s recently released minutes pointed to a possible interest rate cut in September.

U.S. crude oil, gasoline and distillate inventories fell in the week ended August 16, the Energy Information Administration (EIA) said Wednesday. Crude oil inventories fell by 4.6 million barrels to 426 million barrels, while gasoline and distillate inventories fell by 1.6 million barrels and 3.3 million barrels, respectively.

Meanwhile, investors remain concerned about the prospect of a weakening economy in China that will impact the country’s demand for crude oil.

China’s economic woes have contributed to lower processing margins and low fuel demand, limiting activity at private and state-run refineries. “We’re measuring the Chinese economy, and if there’s anything negative from China, that’s going to put pressure on oil prices,” said Snyder of Matador Economics.

In another development, a Greek-flagged oil tanker drifted in the Red Sea on Wednesday (August 21) after being repeatedly attacked, causing the ship to catch fire and lose power.

Since last November, the Iran-aligned Houthi rebels have carried out a series of attacks in the Red Sea, in a show of solidarity with Palestinians in the war between Israel and Hamas.

The Red Sea leading to the Suez Canal is a vital oil shipping route and continued attacks could pose a threat to global crude flows.

Meanwhile, a US official said US President Joe Biden plans to speak by phone with Israeli Prime Minister Benjamin Netanyahu about ways to maintain a potential ceasefire in Gaza and a hostage swap deal.

The call comes after US Secretary of State Antony Blinken’s trip to the Middle East ended without any agreement between Israel and Hamas militants on a ceasefire in the Palestinian enclave.

In the domestic market, today’s gasoline prices are commonly listed as follows: E5 RON 92 gasoline price is not higher than VND 20,882/liter; RON 95-III gasoline price is not higher than VND 21,852/liter; 0.05S diesel price is not higher than VND 19,230/liter; kerosene price is not higher than VND 19,572/liter; 180CST 3.5S fuel oil price is not higher than VND 16,245/kg.

Domestic retail gasoline prices will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price management session this afternoon (August 22).