Oil Monitor as of 18 December 2018


WORLD OIL PRICES  (December 10-14, 2018 trading days)

Dubai crude  has  decreased  week-on-week by almost   US$0.90 per barrel.  MOPS gasoline and diesel have also decreased by around  US$0.60 per barrel and  US$1.00 barrel respectively.

Reasons for the Adjustment (Rollbacks)

  • In its December Short-Term Energy Outlook, EIA forecast WTI to average $54.19/b in 2019, down $10.66/b from the agency's forecast last month, and Brent to average $61/b in 2019, down $10.92/b from last month's forecast.

    • EIA expects that the magnitude of the recent price declines combined with the OPEC production cuts will bring 2019 supply and demand numbers largely into balance, which EIA forecasts will keep prices near current levels in the coming months.

    • EIA forecasts US oil production to average 10.88 million b/d in 2018, up from 9.35 million b/d in 2017, and then climb to 12.06 million b/d in 2019.  

    • Per EIA, Saudi Arabia has ramped up production to 10.92 million b/d in November, up 200,000 b/d from October, in response to pressure from the US. Saudi Arabia produced 10.13 million b/d in November 2017.

  • Uncertainty over the global economy stemming from U.S.-China trade tensions could undermine oil consumption next year, as growth in supply gathers pace (Reuters).
  • Diesel/Gasoil: Asian gasoil market is persistently bearish amid supply overhang and lackluster demand.  Platts outlook for gasoil remained on the downside as the market anticipates heavy flow of gasoil supply from China in December. China is heavily exporting in December because of the additional export quota allocations to refiners.

FOREX:  Week-on-week  value of Philippine Peso depreciated against the  US dollar  by P0.12  to P52.73, from P52.61 in the previous week.   

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 18 December 2018, most of the oil companies implemented a price decrease of P0.10-P0.15/liter   for gasoline, P0.25/liter for kerosene and  P0.25-P0.35/liter for diesel.

The total year-to-date adjustments for gasoline this week reached a net decrease of P0.15/liter.  For diesel, the net increase was further lowered to P1.25/liter same with kerosene with  P0.83/liter.

As monitored, shown below are the retail prices in Metro Manila beginning December 18, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  41.60-51.27 47.45
Gasoline (Ron95)  42.10-52.72 50.15
Gasoline (Ron97)  43.55-59.90 49.95
Diesel 36.20-40.54 37.90
Diesel PLUS 38.70-43.58 39.90
Kerosene 41.82-51.40 47.57
LPG, P/11-kg cylinders 531.00-715.00  

 

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

Oil Monitor as of 12 December 2018


WORLD OIL PRICES  (December 3-7, 2018 trading days)

Dubai crude  has  increased  week-on-week by almost   US$1.00 per barrel.  MOPS gasoline has also increased by around  US$0.90 per barrel while diesel has  decreased by nearly US$ 0.60 barrel. 

Reasons for the Adjustment (Rollbacks)

  • Oil prices rebounded after OPEC and its allies including Russia have agreed to cut production next year to shore up falling price. 

    • OPEC and its allies inked a deal to reduced output by 1.2 million barrels per day during the first six months of 2019 after their second-day meeting in Vienna, Austria and U.S. President Trump’s repeated calls for lower oil prices which has roughly met market expectations.

    • Members of OPEC will reduce output by 800,000 barrels per day while Russia and other nations signed up to a 400,000 reduction.  

    • The cuts are scheduled to begin on January 1 and will last for six months.

FOREX:  Week-on-week  value of Philippine Peso depreciated against the  US dollar  by P0.13  to P52.61, from P52.48 in the previous week.  

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 11 December 2018, most of the oil companies implemented a P0.40/liter increase for gasoline while a decrease have been applied for diesel and kerosene  by P0.10/liter and P0.45/liter respectively.

The total year-to-date adjustments for gasoline this week reached a net decrease of P0.05/liter.  For diesel, the net increase was further lowered to P1.50/liter same with kerosene with  P1.08/liter.

As monitored, shown below are the retail prices in Metro Manila beginning December 11, 2018.

Products Price Range Common Price
P/liter
Gasoline (Ron91)  41.70-51.37 47.55
Gasoline (Ron95)  42.20-52.82 50.25
Gasoline (Ron97)  43.65-56.00 50.05
Diesel 36.45-40.79 38.15
Diesel PLUS 38.95-43.83 40.15
Kerosene 41.57-51.65 47.82
LPG, P/11-kg cylinders 531.00-696.00  

 

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

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