Oil Monitor as of 27 June 2018


WORLD OIL PRICES  (June 18-22, 2018 trading days)

Dubai crude has decreased week-on-week by around US$ 2.50/bbl. MOPS gasoline and diesel have also decreased by almost US$ 4.00/bbl. and 3.00/bbl. respectively.

Reasons for the Adjustment

Asian gasoil (diesel) market

  • Market remained weak due to monsoon season in India and Southeast Asia, as well as rising supplies as refineries complete turnarounds in the region. Demand in the Middle East was holding up well for ULSD, supported by the peak summer season and regular flows to Europe. Indonesia gasoil import fell while Northwest China’s gasoil inventory stocks had been the largest build in the past month, more than double month on month, the highest in 12 months.

  • Weak market was seen amid higher supply and slowing demand. The monsoon season in Southeast Asia and India, China's fishing ban over May to August in the South China sea weighed on demand.

Asian gasoline market

  • Market activity showed further signs of weakening early Thursday remained muted with limited incremental regional demand have been observed, especially from Southeast Asia’s largest importer Indonesia. Similarly in the Middle East/Persian Gulf, flat/lackluster market activity was observed amid the Eid holiday season.

Factors affecting crude oil prices

  • Tensions between Iran and Saudi Arabia broke out days before OPEC's meeting on Friday in Vienna, with Tehran indicating it would probably not abide to the cartel's plans to cut production. While Russia and Saudi Arabia agreed to increase outflow by around 1.5 million barrels a day to steady the market as US sanctions on Iran and political instability in Venezuela are expected to affect global production.

  • A potential trade war between the US and China could seriously impact on demand. Meanwhile, production in the US remains high.

FOREX:  Week-on-week value of Peso appreciated against the US dollar by P0.29 to P53.11 from P53.40 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 26 June 2018, most of the oil companies have decreased their prices by P1.15/liter for gasoline,P0.90/liter for diesel and P0.85/liter for kerosene.

Year-to-date total adjustments stand at a net increase of P4.65/liter in gasoline and P5.70/liter in diesel. 

As monitored, shown below are the retail prices in Metro Manila beginning June 26, 2018.

Products Price Range Common Price
P/liter
Diesel 40.65-45.60 43.95
Gasoline* 48.50-58.77 53.55
LPG, P/11-kg cylinders 570.00-790.00  
* 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 June 2018


WORLD OIL PRICES  (June 11-15, 2018 trading days)

Dubai crude has increased week-on-week by around US$ 0.20/bbl. MOPS diesel has also increased by almost US$ 0.25/bbl. while diesel has decreased by around US$ 0.50/bbl.

Reasons for the Adjustment

Factors affecting crude oil prices

  • Oil prices were little changed  as investors were reluctant to take on large new positions ahead of a key OPEC meeting in Vienna next week.

  • Movements in oil markets were expected  to remain limited ahead of a meeting between producer cartel OPEC and some of its allies on June 22, as investors continued to fear OPEC could ease production curbs at its meeting to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom.

  • OPEC oil production outlook has been trimmed from 240,000 b/d to 32.02 million b/d for 2018 and 290,000 b/d to 32.06 million b/d for 2019 as a result of expected declines by Venezuela and Iran.

Asian gasoil (diesel) market

  • Market sources said that exports from China were expected to rise this month given the availability of export quotas. "The supply story is dominating now and market is trading weaker," as noted by one market watcher.

Asian gasoline market

  • The Asian gasoline market fundamentals weakened amid lackluster activity and ample regional supplies.  A Japanese trading source said that demand is not fantastic at the moment and have ample supplies coming out of China. He also added that "the newly operating Nghi Son refinery has taken some demand off from the market."

  • Many traders were seen staying on the sidelines as they awaited stronger market indications to emerge toward the end of June.

  • The Asian gasoline market showed further signs of weakening  amid muted regional market activity.

FOREX:  Week-on-week value of Peso depreciated against the US dollar by P0.60 to P53.11 from P52.52 in the preceding week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 19 June 2018, most of the oil companies have increased  their prices by P0.20/liter for gasoline and  P0.45/liter both  for diesel and kerosene.

Year-to-date total adjustments stand at a net increase of P5.80/liter in gasoline and P6.60/liter in diesel.

As monitored, shown below are the retail prices in Metro Manila beginning June 19, 2018.

Products Price Range Common Price
P/liter
Diesel 40.70-47.70 44.85
Gasoline* 48.50-59.72 55.70
LPG, P/11-kg cylinders 570.00-790.00  
* 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

 

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