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Oil Climbs as US Gasoline Market Tightens, China May Ease Curbs

(Bloomberg) -- Oil jumped on further signs of tightness in key US product markets and speculation that China may be moving closer to easing anti-virus lockdowns that have sapped...
Oil Climbs as US Gasoline Market Tightens, China May Ease Curbs © Bloomberg. Pump jacks extract oil in Yoakum County, Texas, US, on Thursday, Sept. 30, 2021. America's oil communities have deep financial ties to the fossil fuel industry. Now even in the midst of a price boom, local governments have to start deciding when to tackle plans for the looming clean energy transition. Photographer: Matthew Busch/Bloomberg

(Bloomberg) -- Oil jumped on further signs of tightness in key US product markets and speculation that China may be moving closer to easing anti-virus lockdowns that have sapped crude demand in the world’s largest importer.

West Texas Intermediate rose above $113 a barrel after falling on Tuesday. The American Petroleum Institute reported gasoline inventories sank by more than 5 million barrels last week, according to people familiar with the data, which also showed lower crude holdings. Official figures come later on Wednesday.

In Asia, meanwhile, traders are on the lookout for signals that Chinese officials may be poised to ease curbs imposed on Shanghai and other cities to combat a coronavirus outbreak, potentially reviving energy consumption. The main commercial hub again reported no new cases outside of quarantine.

Oil is on course for a sixth monthly rise -- potentially the best run in a decade -- as rising demand and disruptions from the war in Ukraine combine to support gains. The surge is contributing to higher inflation, and Federal Reserve Chair Jerome Powell vowed Tuesday that the US central bank would keep raising interest rates until there is clear evidence price gains are slowing.

“US inventory data has proved supportive for oil,” said Warren Patterson, Singapore-based head of commodities strategy at ING Groep (AS:INGA) NV. “A tightening gasoline market as we head into driving season should be supportive for crude demand, given the need for higher refinery runs.”

Oil markets are in backwardation, a bullish pattern in which near-term prices trade above those further out. The spread between WTI’s two nearest December contracts is near $13 a barrel, up from $5 at the start of the year.

US gasoline prices, both futures contracts and at the pump -- have touched unprecedented levels despite President Joe Biden ordering a vast release of crude from strategic reserves. Gasoline holdings have already dropped by about 3% in 2022, and stand below the five-year seasonal average.

With the summer driving season about to begin, there’s plenty of pain at the pump. Retail gasoline prices have risen above $4 a gallon in all US states for the first time, with California, the most expensive state, seeing prices average more than $6 a gallon, according to data from auto club AAA.

©2022 Bloomberg L.P.

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29-03-2024 14:39:02 (UTC+7)

EUR/USD

1.0777

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

EUR/USD

1.0777

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

GBP/USD

1.2623

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

USD/JPY

151.37

0.00 (0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

AUD/USD

0.6509

-0.0006 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

USD/CAD

1.3549

+0.0011 (+0.08%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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EUR/JPY

163.12

-0.13 (-0.08%)

Summary

Neutral

Moving Avg:

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Sell (0)

Indicators:

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Sell (3)

EUR/CHF

0.9716

-0.0011 (-0.11%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Gold Futures

2,254.80

-0.10 (0.00%)

Summary

Buy

Moving Avg:

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Sell (1)

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Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

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Sell (1)

Indicators:

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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↑ Sell

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Sell (6)

US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

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Indicators:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (8)

DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

Indicators:

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

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Indicators:

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (1)

 EUR/USD1.0777↑ Buy
 GBP/USD1.2623↑ Buy
 USD/JPY151.37Neutral
 AUD/USD0.6509↑ Sell
 USD/CAD1.3549Sell
 EUR/JPY163.12Neutral
 EUR/CHF0.9716↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,361
SJC HCM7,900/ 8,100
(0/ 0) # 1,381
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,383
SJC Danang7,900/ 8,102
(0/ 0) # 1,383
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,383
SJC Cantho7,900/ 8,102
(0/ 0) # 1,383
Cập nhật 29-03-2024 14:39:04
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ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.610,0024.980,00
EUR26.047,4527.476,69
GBP30.507,5531.805,49
JPY159,05168,34
KRW15,9119,28
Cập nhật lúc 14:32:13 29/03/2024
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