WORLD OIL PRICES (October 8-12, 2018 trading days)
Dubai crude has decreased week-on-week by almost US$1.50 per barrel. MOPS gasoline and diesel have also decreased per barrel by around US$2.10 and US$ 1.50 respectively.
Reasons for the Adjustment
Factors affecting crude oil prices:
According to the EIA report released on Thursday, U.S. commercial crude oil stockpiles increased by 5.98 million barrels in the week ending Oct. 5 and total petroleum stockpiles in the country jumped 11.3 million barrels week on week, meaning there's a plentiful supply.
- Analysts pointed out that the weekly petroleum data released by the U.S. Energy Information Administration (EIA) is one of factors to pressure crude oil prices.
Asian gasoil (diesel) market
Sentiment for the Asian gasoil market remained strong at the end of the week, with traders saying that fundamentals were holding steady. "Gasoil demand seems very good," a trader said Friday, adding that recent news of the extra gasoil quota allocations from China would probably do little to dampen the strong momentum in the market.
Asian gasoline market
Sentiment in the Asian gasoline market stayed resilient and still in bullish mode on another fresh tender from Indonesia and China’s trading activities.
Gasoline inventories are expected to draw by almost 0.5 MMB, while distillates should be almost flat and jet should build slightly.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.5 to P54.19, from P54.24 in previous week.
Other recommended reference sites:
DOMESTIC OIL PRICES
Effective 15 October, most of the oil companies implemented a per liter price decrease of P0.85 for gasoline,P0.65 for diesel and P0.20 for kerosene.
Year-to-date total adjustments stand at a net increase of P10.55/liter for gasoline,P11.50/liter for diesel and P10.50/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning October 15, 2018.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||650.00-865.00|
These prices are based on actual price monitoring by DOE's Retail Division.
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