Oil Monitor as of 16 July 2024

Date published: July 16, 2024

WORLD OIL PRICES (July 8-12, 2024, trading days)

The week-on-week price of Dubai crude has decreased by almost $1.30 per barrel. The international price of gasoline, diesel and kerosene have also decreased week-on-week by about $1.70, $2.40 and $2.30 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil futures slipped on weaker than expected inflation data from China dampening consumer confidence and limited disruptions to energy infrastructure on the US Gulf Coast following Hurricane Beryl, easing supply concerns.
    • China's Consumer Price Index declined to 0.2% in June from a year ago, falling short of expectations.
    • Beryl made landfall early July 8 near Matagorda, Texas, as a Category 1 storm. The storm has been downgraded to tropical depression and did not have any widespread damage to refinery operations and crude exports.
    • Easing geopolitical risk concerns, meanwhile, added further pressure to crude prices as peace talks were underway, lead by US officials continued efforts to broker a deal that could lead to a stop in the ongoing Israel-Hamas conflict.
  • Asian gasoline cracks have weakened because of lackluster buying from regional importing heavy weights but lower run rates and exports have supported the market.
    • Indonesia, the region's largest gasoline importer had limited imports in view of healthy supplies, but analysts see more inflows this month. Pertamina's CDU IV at the Balikpapan refinery was still not operational but was expected to be back shortly.
  • Asian gasoil/diesel complex weakened amid seasonal demand lull and increasing supply within the region especially from India. However, middle east supplies going to Europe and lower arrivals expected from Russia into the region provided floor to the prices.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.26 to P58.42 from P58.67 in previous week.

DOMESTIC OIL PRICES

Effective 16 July 2024, the oil companies implemented a decrease on the price of gasoline, diesel and kerosene by P0.60, P0.90 and P1.15 per liter, respectively.

Year-to-date, total adjustment of the said respective products stand at net increase of P10.25/liter, P8.15/liter and P1.20/liter, respectively.

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1 Asia Pacific 12 July 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

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For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

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