Oil Monitor as of 16 July 2019

Date published: July 17, 2019

WORLD OIL PRICES  (July 8-12, 2019 trading days)

Dubai crude  has  increased  week-on-week by almost  US$1.85 per barrel. MOPS   gasoline and diesel have also increased  per barrel by  around  US$3.00  and  US$1.80, respectively. 

Reasons for the Adjustment

  • Oil surged to a seven-week high on gathering storm in the US along with tensions in the Middle East. 

    • A storm in the Gulf of Mexico has intensified to become Tropical Storm Barry, according to the National Hurricane Center and seen to become a hurricane on coming weekend.

    • Iran attempted to seize a British tanker in retaliation for the UK's capture earlier in the week of one of Iran’s vessels laden with crude off the coast of Gibraltar.

    • Three Iranian vessels tried to block the passage of a British ship run by BP through the Strait of Hormuz. They withdrew after warnings from a British warship escort.

  • US inventories (ending July 5), the target of supply restrictions by the Opec+, declined as rig count data by Baker Hughes last week revealed a decrease in domestic installations.

    • US crude stocks fell 9.5-million barrels, higher than analysts expected draw of 3.1-mil barrel as refineries ramped up output.  

  • Reports of estimated global crude surplus limited price gains over the week despite the crude output drop caused by a tropical storm Barry in the U.S. Gulf of Mexico.

  • Intensifying tension between Iran and the US may support supply constraint.

FOREX:  Week-on-week  value of Philippine Peso  depreciated  against the  US dollar  by    P0.16  to P51.30, from P51.14  in the previous week.   

Other recommended reference sites:

DOMESTIC OIL PRICES      

Effective  16  July  2019, most of the oil companies implemented a per liter  price increase on petroleum products. Gasoline has increased by  P1.05,  and P0.70 increase for both  gasoline and diesel were also effected. 

Year-to-date adjustments stand at a net increase of P6.20/liter for gasoline, P4.00/liter for diesel and P1.75/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

Pages