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
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Oil surged to a seven-week high on gathering storm in the US along with tensions in the Middle East.
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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.
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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.
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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.
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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.
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US crude stocks fell 9.5-million barrels, higher than analysts expected draw of 3.1-mil barrel as refineries ramped up output.
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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.
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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:
- 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 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