WORLD OIL PRICES  (June 29-July 3, 2015 trading days) 

It has been a volatile week for oil prices and oil-supplies data, as accounted by the following:

1. Global oil prices slid by more than a dollar Monday
   
   • Greek saga
     
     • Greece lurched toward a debt default and potential exit from the Eurozone, shutting its banks and imposing capital controls, causing widespread risk aversion;
     • stockpiles at Europe's ARA (Amsterdam, Rotterdam, Antwerp) oil trading hub climbed above 60 million barrels — the highest number since record-keeping began in 2013; the news helped pressure WTI down 2.1% and Brent to a 1.9% loss on Monday
   • Worries about economic weakness in China.
2. Oil prices recovered slump Tuesday
   
   • Iran and six major powers -- the United States, Britain, China, France, Russia and Germany -- extended a deadline for reaching a nuclear deal by another week, until July 7
   • Oil demand in China reported to have surged more than 8% in May, putting China's average monthly oil demand above 10 million b/d this year, its fastest growth pace since 2011 (Platts).
3. Crude prices plummeted by US$1 to US$2 Wednesday, and marginal falls for the rest of the week
   
   • US-Department of Energy reported an unexpected 2.4 million barrels increase in US stockpiles last week (the first time in nine weeks), while analysts had projected a 1.3 million barrel decline
   • Beijing's intervention in the country’s stock market woes;
   • Potential for more supply from Iran

For gasoline according to Platts report, sentiments remained weak in the Asian market, amid expectations of abundant supply and declining demand. Similarly, the Asian gasoil/diesel market fell into deeper contango as mounting supplies heaped more bearish pressure on the market.

Overall, Dubai had week-on-week decrease of around US$0.80/bbl. Likewise, MOPS gasoline decreased by about US$2.50/bbl and diesel by a little over US$2.00/bbl (Table 1).

FOREX: Peso/US$ rate depreciated by P0.02 to P45.14, from P45.12 in previous week. 

Other recommended reference sites:  (1) http://www.aip.com.au/pricing (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html 

DOMESTIC OIL PRICES

Effective 7 July 2015, most of the oil companies rolledback prices of gasoline by P0.70/liter; diesel and kerosene also by P0.65/liter.

With the consecutive decreases, the total net increase todate for gasoline reduced further to P3.94/liter. Similarly, diesel lessened to P0.76/liter. LPG has a net decrease of P7.05/kg.

* RON 95

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: http://www.doe.gov.ph