WORLD OIL PRICES (July 3-7, 2017 trading days)
Prices of Dubai crude and petroleum products spiked during the week by an average of about US$2/bbl mainly due to reports on the following:
- Declines in U.S. crude and European product stockpiles;
- U.S. crude stocks plunged almost three times more than forecast in the latest week
- US gasoline inventories decreased unexpectedly
- Total product demand over the last month averaged over 20.7 million barrels per day, up by 2.8% from the same period last year; and
- Saudi Arabia cutting back shipments of crude oil to the United States
These have supported speculations of some analysts that global demand is stronger than people thought it was going to be, and that is having a net positive effect on prices.
Similarly, the Asian gasoline market turned slightly bullish after the US-Energy Information Administration released supportive stock data. The data showed US gasoline stocks declining by 3.7 million barrels in the week ended June 30. This caused into US implied gasoline demand increased by 0.17 million barrels to 9.71 million barrels over the same period.
Gasoil market in the region is equally bullish, supported by the demand from India. Upgrading works at several Indian refineries since May had led to a shortage of the middle distillate, drawing surplus barrels from the region.
Overall, Dubai crude increased week-on-week by about US$2/bbl along with MOPS gasoline; diesel increased by about USS$3 per barrel.
FOREX: The Philippine peso depreciated against the US dollar by P0.16 to P50.56/$, from P50.40 in previous week.
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DOMESTIC OIL PRICES
Effective 11 July 2017, the oil companies implemented an increase of P0.70/liter for gasoline and P1.20/liter for diesel. Kerosene was also increased by P0.90/liter.
|As monitored, shown below are the retail prices in Metro Manila beginning June 20, 2017.|
|LPG, P/11-kg cylinders||435.00-680.00|
* RON 95
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