Oil Monitor as of 21 December 2021

Date published: December 23, 2021

WORLD OIL PRICES (December 13-17, 2021 trading days)

Dubai crude has increased week-on-week by about US$0.40/bbl. Both MOPS gasoline and MOPS diesel have also increased by around US$ 1.65 per barrel.

Reasons for the Price Adjustment1

  • Crude Crude prices remain mixed this week as positive demand outlook from OPEC was largely balanced by increasing US supply. In its latest report published on Dec. 13, OPEC sees the impact from the omicron variant to be mild and transitory in nature and foresee a boost to Q1 global oil demand of 1.1 million b/d.
     
  • Asian gasoline remained firm on stronger regional demand as seen in the weighted mobility index. The weighted mobility index rose by another 4.9% on week to 149.93 for the week ending Dec.12. Similar sentiment exhibited in the swap and physical market.
  • Asian gasoline got additional boost from a counter seasonal draw of 720,000 barrels in US gasoline stocks to 218.59 million barrels for the week ending Dec. 10, pushing inventories more than 6% below average.
     
  • Gasoil/diesel market with its Exchange of Future Swaps (EFS) fall by another $2.66/b last week, swing barrels from India and Persian Gulf continue to head to the region. Additionally, higher gasoil exports are seen from China with December exports estimated at around 450,000 mt up from almost nothing in November. However, firm regional demand continues to absorb the growing regional supply amid low middle distillate stocks.
     
  • Asian gasoil demand remains robust as economies continue to live with the virus amid higher seasonal demand as peak winter season sets in.

FOREX: Philippine peso appreciated week-on-week against the US dollar by P0.09 to P50.23 from P50.32 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 21 December 2021, the oil companies implemented a price an increase in domestic oil products. Both Gasoline and diesel have increased by P0.55 per liter while kerosene increased by P0.70 per liter.

There will be a price freeze on kerosene in areas under State of Calamity in Visayas and Mindanao due to Typhoon Odette. Also, some oil companies will not be implementing price hikes in gasoline and diesel in provinces hit by the said typhoon.

These resulted to the year-to-date adjustments to stand at a total net increase of P17.85/liter for gasoline, P14.95/liter for diesel and P12.39/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

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1 Asia Pacific Weekly Recap by S & P Global

 

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