Oil Monitor as of 15 February 2022

Date published: February 16, 2022

WORLD OIL PRICES (February 7-11,2022 trading days)

Dubai crude has increased week-on-week by around US$ 1.60/bbl. MOPS gasoline and MOPS diesel have both increased in price, with gasoline increasing by approximately US$3.00 per barrel and diesel increasing by about US$ 1.90 per barrel.

Reasons for the Price Adjustment1

  • Crude oil prices extended higher on tighter supply outlook despite easing of geopolitical tensions on Russia-Ukraine border and a potential return of Iranian barrels to oil market. According to S&P Global Platts Analytics, an interim deal potentially could increase exports by 700,000 b/d and alleviate some of the tightness in the global crude oil complex while a breakdown could escalate geopolitical tensions and send oil prices higher. However, despite the growing optimism over Iranian nuclear deal, the supply outlook remains tight and stock draws in US crude inventories further uplifted the crude prices.

o For the week ending Feb.4, US crude stocks declined 4.76 million barrels to 410.39 million barrels with stocks hitting the lowest level since October2018. Low crude stock levels in China follo wing the Lunar New Year and ongoing Beijing Winter Olympics could add more strength to oil market and push oil prices close to the verge of $100/b in the very near future.

  • Asian gasoline market ascended higher as regional driving activity continues to improve as seen in the apple mobility index. With falling COVID-19 cases and easing restrictions, significant improvement was seen in mobility index in India and Vietnam. Election rallies in India further uplifted the recovering gasoline demand.
  • Gasoil/diesel cargoes from Asia are due to sail to the West, with Exchange Future Swaps (EFS) remaining below minus $25/mt. However, strong regional demand and constrained supply continue to support cash premiums for gasoil 10ppm cargoes, which gained $0.37/b this week to a new high of $1.97/b at the Asian close on February 10.

FOREX: Philippine peso depreciated week-on-week against the US dollar by P0.26 to P51.34 from P51.08 in previous week..

Other recommended reference sites:
    • http://www.aip.com.au/pricing
    • http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
    • https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price

 

DOMESTIC OIL PRICES

Effective 15 February 2022, the oil companies implemented a price increase in domestic oil products. Gasoline has increased by P1.20 per liter, diesel by P1.05 per liter, while kerosene has risen by P0.65 per liter.

These resulted to the year-to-date adjustments to stand at a total net increase of P7.95/liter for gasoline, P10.20/liter for diesel and P9.10/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila.

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

_______
1 Asia Pacific Weekly Recap by S & P Global Platts Analytics

 

Pages