Oil Monitor as of 13 February 2024

Date published: February 13, 2024

WORLD OIL PRICES (February 5-9, 2024, trading days)

The week-on-week price of Dubai crude has decreased by around $2.50 per barrel. MOPS gasoline, diesel and kerosene have also decreased by nearly $2.40, $0.70, and $0.80 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices remain rangebound driven by the alternating focus between demand concerns weighing on prices and support from risk of a supply disruption in the Middle East.
    • US crude oil inventories surged 5.52 million barrels to 427.4 million barrels in the week ended Feb. 2, putting stocks at a three-week high but still 4.1% below the five-year average for this time of the year. The build came amid an unexpected slide in refinery demand and well-above market expectations.
    • The recent strength in refinery margins also provides some support to crude oil, by driving stronger demand as refineries look to increase run rates and take advantage of stronger margins.
  • The Asian gasoline complex strengthened tracking gains in the US RBOB-Brent crack amid a drop in US gasoline stocks.
    • Moving forward, US gasoline demand should begin to rise ahead of the US driving season and turnaround season.
  • Asian higher octane gasoline prices were also expected to rise on the back of firm demand from Vietnam and Malaysia for higher octane gasoline ahead of the Lunar New Year festivities and planned refinery turnarounds.
  • The Asian gasoil/diesel swap crack was seen edging higher on the back of a slew of refinery maintenance across Asia, such as that of South Korea's GS Caltex and Malaysia's RAPID, while regional demand remains largely stable.
  • Demand-supply fundamentals remained stable for the region as Q1 is a seasonal lull for gasoil demand while lower trade activities were seen due to Lunar New Year holidays.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.14 to P56.11 from P56.26 in previous week.

DOMESTIC OIL PRICES

Effective 13 February 2024, the oil companies implemented a per liter decrease in the price of gasoline, diesel, and kerosene by P0.60, P0.10 and P0.40, respectively.

Year-to-date adjustment of gasoline, diesel and kerosene stands at a net increase of P4.45/liter, P4.30/liter and P0.45/liter, respectively.

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1 Asia Pacific 09 February 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

Other recommended reference sites:

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

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