Oil Monitor as of 18 June 2024

Date published: June 19, 2024

WORLD OIL PRICES (June 10-14, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $2.30 per barrel. The international price of gasoline, diesel and kerosene have also increased week-on-week by about $1.50, $3.80 and $4.40 per barrel, respectively.

Reasons for the Price Adjustment1

  • Oil prices settled higher after an unexpected decline in US wholesale inflation pressures boosted outlooks for near-term interest rate cuts nullifying the impact of a surprise build in US crude oil inventories.
  • According to the 12 June data of the US Energy Information Administration, the US crude oil inventories rose by 3.73 million barrels to 459.65 million barrels in the week ended June 7.
    • The surprise build came amid a sharp uptick in net imports and easing refinery demand, pushing inventories to the highest level in six weeks and putting them 3.2% behind the five-year average for this time of year.
  • The Asian gasoline complex softened amid higher US gasoline inventories, which rose 2.566 million barrels on the week to 233.512 million barrels in the week ended June 7.
    • Vietnam's imports of gasoline were down by 50.97% on the month, same with Hong Kong which has also been importing lower amid increasing Electric Vehicle penetration and Indonesia’s demand was heard also lower on the back of ample supplies.
  • Asian gasoil/diesel swaps market sentiment edged up amid a strengthened European gasoil market. The uptick in European demand could redirect some barrels originally bound for Asia back to Europe, thereby improving the already oversupplied Asian market.
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FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.05 to P58.67 from P58.63 in previous week.

DOMESTIC OIL PRICES

Effective 18 June 2024, the oil companies implemented an increase on the prices of petroleum products. Gasoline, diesel and kerosene prices have increased by P0.85, P1.75 and P1.90 per liter, respectively.

Year-to-date, total adjustment of gasoline, diesel and kerosene stand at net increase of P6.90/liter, P6.00/liter and P0.35/liter, respectively.

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1 Asia Pacific 14 June 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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