Oil Monitor as of 10 September 2019

Date published: September 11, 2019

WORLD OIL PRICES  (September 2-6, 2019 trading days)

Dubai crude has decreased week-on-week by around US$1.20 per barrel. MOPS gasoline and diesel have also decreased, gasoline by almost US$1.65 per barrel and diesel by about US$0.30 per barrel.

Reasons for the Adjustment

  • A rally in oil futures faded by the end of Thursday’s trading session, prompting U.S. prices to erase nearly all of their earlier gains as plans for U.S.-China trade talks next month failed to fully calm nervousness over the outlook for the global economy. 

  • Crude oil prices slid on Friday, as a number of private estimates all pointed to OPEC producers raising their overall output in August, despite signs of faltering global demand.

    • News agencies Bloomberg and Reuters and price-reporting service Argus all calculated that OPEC’s combined output rose last month, by anything between an average of 80,000 barrels a day and 200,000 barrels a day.

    • One conspicuous source of over-production was Iraq, which pumped a new record-high average of 4.88 million barrels a day in August, well above its agreed ceiling under the so-called OPEC+ deal on output restraint.

  • Lackluster demand continued to weigh on the Asian gasoil market. "There  are quite a number of gasoil cargoes now, and nothing much on the demand  front," a Singapore-based trading source said Thursday.

  • The Asian gasoline market appeared unfazed early Friday by the higher-than-expected US stock draw, as gains on derivative and physical cracks were capped by renewed concerns over global growth.

FOREX:   Week-on-week value of Philippine Peso appreciated against the US dollar by    P0.21 to P52.07, from P52.28 in the previous week.

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DOMESTIC OIL PRICES      

Effective 7-8 and 10 September 2019, most of the oil companies implemented a price decrease of P0.50/liter for gasoline, P0.10/liter for diesel and P0.25/liter for kerosene.

Year-to-date adjustments stand at a net increase of P4.16/liter for gasoline, P3.17/liter for diesel and P1.01/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/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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