Oil Monitor as of 21 April 2015

Date published: July 1, 2015

WORLD OIL PRICES (April 13-17, 2015 trading days) 

Crude oil prices saw notable gains during the week in view largely of the following reports:  

  •   Escalating concerns over Yemen. A tribal group (former Al Qaeda militants) took control of a major southern oil terminal in Yemen. The terminal is one of the major hubs, exporting an average of 120,000 to 140,000 bpd of crude. It also raises concerns in neighboring top oil exporter Saudi Arabia. 
  •   Smallest US inventory build. U.S. crude rose nearly 6 percent, the smallest weekly inventory build since the week ending Jan. 2, suggesting that months of oversupply may be starting to ease. 
  •   IEA’s stronger demand forecast. The international energy agency revised up its oil demand growth estimate by 2015 as it sees a "stronger than expected demand response" from lower oil prices. 
  •   Speculations on OPEC output cut. Talks between OPEC and other major producers triggered speculation about deals to cut production, though most analysts said an agreement was unlikely. 
  •   Weak US dollar. US dollar's weakness also provided some lift for dollar-denominated crude oil prices.

Meanwhile, Platts noted that Asian gasoline market continued to pick up on increased spot buying interest, in time with reduced spot supply brought about by planned refinery turnarounds in the region.  Asian gasoline sentiment is likely to get a boost as stocks in Singapore -- the region's largest trading hub -- fall sharply, amid healthy prompt regional demand.  The sharp decline could be attributed to Singapore's significantly lower gasoline imports.  

For gasoil/diesel, the market continued to lose steam, undermined by higher supplies emerging from India and North Asia for May loading as refineries complete maintenance, Platts stressed Thursday.  Moreover, improved supply conditions and swelling inventory resulted to a weakening Asian gasoil market as compared with Europe, which has marginally pried open the arbitrage to send ultra-low sulfur diesel from the Middle East and India to Europe.  

Overall, Dubai crude price increased week-on-week by US$3.70/bbl.  Likewise, MOPS gasoline and diesel had increased by about US$5 and US$3 per barrel, respectively. 

FOREX:   Peso per US dollar rate depreciated by P0.02 to P44.51, from P44.49 in previous week 

Other recommended reference sites:  (1) http://www.aip.com.au/pricing (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html 


DOMESTIC OIL PRICES

Effective 21 April 2015, most of the oil companies implemented an increase of P1.45/liter for gasoline, P1.00/liter for diesel and P1.05/liter for kerosene.

Year-to-date, gasoline has a net increase of P2.37 while P0.19 for diesel

As monitored, shown below are the retail prices in Metro Manila beginning 21 April 2015.

Products Price Range Common Price
                                       P/liter
Diesel           27.70-31.00         29.70
Gasoline*           38.95-44.55         43.15
Auto LPG           23.70-24.40  
LPG, P/11-kg cylinders         500.00-650.00  

* 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: http://www.doe.gov.ph

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