WORLD OIL PRICES (February 12-16, 2018 trading days)
Dubai crude decreased week-on-week by about US$3.00/bbl. MOPS gasoline de creased as well by nearly US$ 3.90 along with diesel and kerosene by about US$4.20 and US$3.90 per barrel, respectively.
Reasons for the Adjustment
Traders said gasoline market was oversupply behind the off-peak season. Refineries around the world are also currently operating at regular levels.
Fundamentals in the Asian gasoil market were largely unchanged, with supply expected to be capped ahead of maintenance season in the region. Supply-demand balance is anticipated to be stable in the near term.
Demand remains steady from Sri Lanka, Vietnam and Pakistan, while some buyers held back purchases on falling oil prices.
Recently, many traders delayed 10 ppm gasoil lifting, leaving the market with high inventory, which attributed to the declining crude prices.
On the medium sulphur grade, demand was slightly better, supported by bunker end-users' requirements for marine gasoil. Supply was sufficient, as a closed arbitrage to Europe kept barrels in Asia.
Number of rigs drilling for oil in the US rose by 26 to 791. The oil rig count rose steadily from May 2016 until July 2017, more than doubling over that period, but then plateaued around 750. After three straight weekly increases, the rig count now stands at its highest level since spring 2015, when drilling activity was plunging.
The International Energy Agency warn ed that global supply could grow faster than demand this year.
FOREX: Philippine p eso per US dollar de preciated by P0.45 to P51.90, from P51.45 in previous week.
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DOMESTIC OIL PRICES
Effective 18 February 2018, most of the oil companies implemented a decrease in the price of gasoline by P1.05/liter, diesel by P1.25/liter and kerosene by P1.20/liter.
Year-to-date, tota l adjustments stands now at net increase of P0.25/liter for gasoline, P0.55 /liter for diesel and P1.15 /liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning February 18, 2018.
|Products||Price Range||Common Price|
|* RON 95|
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