Oil Monitor as of 21 February 2018


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.

Other recommended reference sites:

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
P/liter
Diesel 34.65-40.73 39.95
Gasoline* 45.60-55.97 51.32
Kerosene 41.57-51.75 47.01
* 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 14 February 2018


WORLD OIL PRICES (February 5-9, 2018 trading days)  

Dubai crude decreased week-on-week by about US$3/bbl. MOPS gasoline and diesel also decreased by about US$3.30 and US$4.00 per barrel, respectively.

Reasons for the Adjustment

  • For over a month, crude oil price have been largely supported by the 1.8 million barrels per day cut in supply by the OPEC and Russia, but rising U.S. supply pressure the oil market.

  • During the week, crude oil price eased as the U.S. dollar rose to three-week-ago behind the sharp sell-off on Wall Street and other stock markets.

    • Oil’s inverse relationship to the dollar, whereby a stronger currency makes it more expensive for non-U.S. investors to buy dollar-denominated oil, has reasserted itself in the week.

    • Crude futures fell as sharp swings in equities continued to rattle global financial markets.

  • U.S. data showed a build in inventories by 1.9 million barrels in week ending Feb 2, though less than analysts have expected partly due to a surprising increase in refining activity that boosted fuel inventories.

  • Surge in the US oil rig count was confirmed Friday as US crude production hit 11 million b/d by November 2018, according to the US-EIA.

  • Baker Hughes report disclosed US crude rig count jumped by 26 to a total of 791, with the Permian rigs rising by 10 to a total of 437 – the highest level since late January 2015.

  • For gasoil/diesel, supply from China was easing some of the prompt tightness in the Asian market.

  • For gasoline, the region is seen to have sustainable lower prices in the near term. Supply in the Asian market is said to have been outstripping demand, and was further pressured by reports on the increase in US gasoline stocks.

FOREX: The Philippine peso per US dollar rate depreciated by P0.06 to P51.45, from P51.39 in previous week.

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective 13 February 2018, most of the oil companies decreased their prices in gasoline by P1.00/liter, diesel by P1.30/liter and kerosene by P0.85/liter.   

Year-to-date, total adjustments stands now at net increase of P1.30/liter for gasoline, P1.80/liter for diesel and P2.35/liter for kerosene..

As monitored, shown below are the retail prices in Metro Manila beginning February 13, 2018.

Products Price Range Common Price
P/liter
Diesel 35.95-41.98 41.10
Gasoline* 46.65-57.02 52.67
Kerosene 42.77-55.33 48.21
* 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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