Oil Monitor as of 07 November 2023

Date published: November 8, 2023

 

WORLD OIL PRICES (October 30- November 03, 2023, trading days)

The week-on-week price of Dubai crude has decreased by more than $2.40/bbl. Similarly, MOPS gasoline, diesel and kerosene prices have also decreased by around $1.20, $2.60, and $2.00 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude prices eased as worries about potential supply disruptions from the Middle East subsided, build in US stocks, easing Venezuela and Iranian supply and weaker China data. Nonetheless, the market is closely watching the developments as the situation could change very rapidly.
    • EIA’s latest data reflected a buildup in US crude oil inventories by 0.8 million barrels in the week ended Oct. 2;
    • Iran is now producing 3.4 million b/d of crude, a 100,000 b/d jump from mid-October, with further growth planned, per the country’s oil minister;
    • The weak state of China's economic recovery further muffles demand sentiment. China's official manufacturing purchasing managers' index for October fell below expectations, coming in at 49.5.
  • The Asian gasoline complex strengthened on continued expectations of lower China gasoline exports towards the end of the year. On the demand side, Philippines gasoline import demand was heard largely unaffected by the country's new plan to increase the current mandatory 10% ethanol blend to 20% on a voluntary basis.
  • Gasoil/diesel cracks see strength alongside low inventories and expectations for heating oil demand to increase in Northern Hemisphere while exports from China also expected to remain low.
    • Diesel and gasoil stocks in the Amsterdam-Rotterdam-Antwerp refining hub fell 6.0% on the week to a 10-month low of 1.75 million mt on Oct. 26.
    • Gasoil outflows from China is anticipated to fall to around 700,000 mt in November from around 1.1-1.2 million mt for October.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.32 to P56.53 from P56.85 in previous week.

DOMESTIC OIL PRICES

Effective 07 November 2023, the oil companies implemented a rollback on the price of petroleum products. The price of gasoline, diesel and kerosene has dropped by P0.45, P1.10 and P1.05 per liter, respectively.

These price adjustments resulted in a year-to-date net increase of P13.75/liter for gasoline, P9.35/liter for diesel and P3.99/liter for kerosene.

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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1 Asia-Pacific Weekly Recap 03 November 2023 by S&P Global Commodity Insights.

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