WORLD OIL PRICES (December 9-13, 2019 trading days)
Dubai crude has increased week-on-week by around US$2.30 per barrel. MOPS gasoline and diesel have also increased, gasoline with a slight increase of US$0.15 per barrel while diesel has increased by nearly US$1.25 per barrel.
Reasons for the Adjustment
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The EIA data disclosed that US oil inventories fell 3.39 million barrels from 40.4 million barrels at Cushing, Oklahoma, the delivery point for NYMEX crude.
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Cushing stocks have tightened 7.3 million barrels since early November as refiners have increased runs, returning from fall maintenance.
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Oil prices traded higher on Thursday in Asia as the Organization of the Petroleum Exporting Countries (OPEC) revised its deficit forecast for next year.
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In a report released overnight, OPEC said it now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought.
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Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.
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In Asia, gasoline market held firm at the start of the trading week behind the spot demand of Indonesia and outages to octane-making units in the US. But the market was seen easing in the midweek due to emerging additional supply from North Asia.
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Supportive to the overall gasoline complex, Delek US and Marathon Petroleum have reported problems with octane-making units in their respective facilities.
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Sentiment in the Asian gasoline market recovered at the end of the trading week, as derivative and physical gasoline crack spreads edged higher in the early Friday session of Asian trade.
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The selling, coupled with spot regional availability heard this week, exerted downward pressure on Asian gasoil/diesel prices, which have been trending lower since the start of this week.
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Gasoil from India are moving East because Singapore gasoil prices have rallied a lot, so it is attracting volumes.
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FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.20 to P50.73 from P50.93 in the 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 December 17, 2019, most of the oil companies implemented a price increase on petroleum products. Diesel has increased by P0.30-P0.40/liter and P0.60/liter for kerosene. No movement has been effected on gasoline.
Year-to-date adjustments stand at a net increase of P6.46/liter for gasoline, P4.17/liter for diesel and P1.21/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