Oil Monitor as of 29 November 2017


WORLD OIL PRICES (November 20-24, 2017 trading days)  

Dubai crude increased week-on-week by about US$0.43/bbl.  Similarly, week-on-week average MOPS gasoline and diesel increased US$0.37 and US$1.25 per barrel.       

Reasons for the Adjustment

  • Gasoline fundamentals were largely unchanged; stable from last week as demand and supply were balanced.  Demand in the Middle East and Southeast Asia particularly in Indonesia and Vietnam continued to support the market. 

  • Gasoline sentiment was leaning towards a near-term weakness in prices as expected increase of supplies in the region may not be matched by high demand.

  • Fresh requirements for the middle distillate emerged, providing some support to the gasoil market. 

  • The clamor to extend OPEC and non-OPEC production cuts for nine months beyond March 2018 is growing louder; .

  • In its 30 November meeting, OPEC's largest producer Saudi Arabia, along with some Gulf allies, has been pushing for a nine-month extension of the cuts through end-2018. Russia has so far been noncommittal on continuing the cuts for the full year;

  • U.S. crude price hit a two-year high behind reports of a shutdown on TransCanada Corp's 590,000-barrel-per-day Keystone pipeline following a spill last week;

  • A draw on US fuel inventories pointed to a tightening oil market, despite rising output from oil shale producers. 

FOREX: Philippine peso appreciated against the US dollar by P0.31 to 50.73, from P50.04 in preceding week. . 

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 28 November 2017, oil companies implemented a P0.35/liter increase in diesel and P0.25 in kerosene.

Year-to-date total adjustment in gasoline remained at net increase of P5.84/liter, diesel at P5.95/liter and kerosene at P4.35/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning November 28, 2017.

Products Price Range Common Price
P/liter
Diesel 32.02-37.10 35.05
Gasoline* 43.00-52.86 47.80
LPG, P/11-kg cylinders 550.00-777.00  
* RON 95

 

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 22 November 2017


WORLD OIL PRICES (November 13-17, 2017 trading days)  

Dubai crude decreased week-on-week by about US$1.12/bbl.  Similarly, week-on-week average MOPS gasoline and diesel decreased US$1.26 and US$0.15 per barrel.    

Reasons for the Adjustment

  • The slower growth outlook in global crude demand in the latest Oil Market Report of the International Energy Agency (IEA)

    • IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for both 2017 and 2018. That could mean world oil consumption may not breach 100 million bpd next year as many had expected. Also, supplies are likely to exceed that level, particularly as U.S. production continues to rise.

    • IEA said non-OPEC production would rise 1.4 million bpd in 2018, undermining efforts by the OPEC and other producers to limit global crude supplies and support prices.

  • OPEC will meet on Nov. 30 and is expected to agree an extension to its output cuts.

  • Saudi Arabia’s energy minister signaled willingness to extend output cuts but Russia cast doubts to support the extension on OPEC output cut deal; 

  • The unexpected increase in US crude and gasoline stockpiles in the week ending November 10;

  • Asian gasoline market remains in balance at present due to healthy demand in the Middle East and South Asia that continues to draw in barrels;

  • Asian gasoil market struggled to find support, as excess length continued to weigh on sentiment. Traders reiterated that more surplus barrels could potentially be diverted to Singapore, if the arbitrage economics from the Middle East to the west of Suez remain unviable.

FOREX: Philippine peso appreciated against the US dollar by P0.24 to 51.04, from P51.29 in preceding week. 

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 21 November 2017, the oil companies implemented a per liter decrease of P0.50/liter for gasoline, P0.15 for diesel and P0.35 for kerosene. 

Year-to-date total adjustments stand at a net increase of P5.84/liter for gasoline, P5.60/liter for diesel and P4.05/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning November 21, 2017.

Products Price Range Common Price
P/liter
Diesel 31.65-36.75 35.90
Gasoline* 43.00-52.86 48.55
LPG, P/11-kg cylinders 550.00-777.00  
* RON 95

 

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

 

LPG Price Monitor as of 01 December 2017


LPG Contract Price (CP)

LPG Contract Price (CP), commonly called the “Saudi CP” is the primary driver of LPG pricing in the Far East including the Philippines.  It is an international price benchmark set at the beginning of each month by Saudi Arabia’s state-owned oil company Saudi Aramco. 

The DOE refer to the LPG/Saudi CP and forex monthly average changes in determining/monitoring the price adjustments of LPG in the domestic market.  Following the timing of the monthly changes in CP, domestic price of LPG also vary every first day of the month and remain constant throughout the whole month.

Like all other petroleum products, the Philippines has no influence over the LPG CP as the country’s domestic requirement is very small versus the world demand.

LPG Contract Price decreased this month by US$2.50/MT to US$576.00/MT, from US$578.00/MT in November.  The said decrease in the Contract Price coupled with the P0.41 centavo appreciation of pesos translates to an estimated decrease in domestic LPG price by about P0.41per kg or P4.51/11-kg cylinder. 

International LPG Market Development

  • Traders expected higher CP for December in view of the recent tightness of propane supply in Asia due to cargo cancellations, the continuing lack of spot cargoes from the Middle East and improved demand for heating in winter.
  • However, butane has been under pressure by abundant supply from the US, where more evenly split cargoes are coming to Asia, while Saudi Aramco has also recently swapped propane cargoes with butane to term lifters for November lifting.

Domestic Prices      

Effective 01 December 2017 most companies effected a P0.40/kg decrease in LPG prices or about P4.40/11-kilogram cylinders.  Total adjustment for the year stands now at net increase of P10.49/kg.

As of 01 December 2017, household LPG in Metro Manila ranges to be about P546.00-781.00 per 11-kilogram cylinder. 


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: www.doe.gov.ph

Oil Monitor as of 08 November 2017


 

WORLD OIL PRICES (October 30-November 3, 2017 trading days)  

Dubai crude increased week-on-week by about US$2.70 per barrel.  Similarly, both MOPS gasoline and diesel increased by nearly US$2.80 and US$1.70 per barrel, respectively.

Reasons for the Adjustment

  • Claim of OPEC that supply and demand balances were tightening and oil inventories falling, while compliance with the OPEC-led pact to curb supplies had been "excellent".

  • Firmer gasoline market in Asia amid higher spot demand and limited regional stocks; Indonesia's state-owned Pertamina is boosting imports to offset low stocks due to scheduled refinery maintenance.

  • OPEC and major oil producers eyeing to extend global pact to cut oil output.

  • Rising oil demand in China.

FOREX: Philippine peso depreciated against the US dollar by P0.24 to P51.66, from P51.41 in preceding week. 

Other recommended reference sites:

 

DOMESTIC OIL PRICES      

Effective 07 October 2017, the oil companies effected an increase P0.90/liter for gasoline, P0.75 for diesel and P0.55/liter in kerosene.

Year-to-date total adjustment is at net increase of P5.39 in gasoline and P5.35 in diesel.

 

As monitored, shown below are the retail prices in Metro Manila beginning November 08, 2017.

Products Price Range Common Price
P/liter
Diesel 31.20-36.30 34.90
Gasoline* 42.55-52.41 48.85
LPG, P/11-kg cylinders 538.00-778.00  

* RON 95

 

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

 

LPG Price Monitor as of 01 November 2017


LPG Contract Price (CP)

LPG Contract Price (CP), commonly called the “Saudi CP” is the primary driver of LPG pricing in the Far East including the Philippines.  It is an international price benchmark set at the beginning of each month by Saudi Arabia’s state-owned oil company Saudi Aramco.

The DOE refer to the LPG/Saudi CP and forex monthly average changes in determining/monitoring the price adjustments of LPG in the domestic market.  Following the timing of the monthly changes in CP, domestic price of LPG also vary every first day of the month and remain constant throughout the whole month.  

Like all other petroleum products, the Philippines has no influence over the LPG CP as the country’s domestic requirement is very small versus the world demand.

For November, LPG Contract Price remained at US$578.00/MT, the same with LPG CP in October.  However, peso depreciation against the US dollar may still drive domestic prices higher this month, estimated at about P0.26/kg.  This would translate to an estimated increase of nearly P3.00 per 11-kilogram cylinder.

International LPG Market Development

  • US LPG cargo lifting program to Asia for November is expected to remain the same as October or even more on positive arbitrage economics;
  • Asia is expected to be well supplied until the end of 2017 to meet winter heating demand in Japan, China and South Korea;
  • Asia is also getting its usual two monthly cargoes from Nigeria in November, which together with the ample supply from the US could help meet the rising demand and fill the spot supply shortfall from major Middle Eastern producers.

Domestic Prices      

Effective 01 November 2017, LPG companies implemented a P0.30/kg increase or P3.30/11-kilogram cylinders. Total adjustment for the year is now at net increase of P10.88/kg.

Following said adjustment, price monitoring of household LPG in Metro Manila ranges from P538.00-778.00 per 11-kilogram cylinder.  Details of the monitored prices in Metro Manila are posted at the Price Watch of the DOE website.

 

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: www.doe.gov.ph

 

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