Oil Monitor as of October 08, 2019

Originally posted at DOE website

WORLD OIL PRICES  (September 30- October 4, 2019 trading days)

Dubai crude has decreased week-on-week by around US$3.70 per barrel. MOPS gasoline and diesel have also decreased, gasoline by almost US$2.00 per barrel and diesel by US$2.45 per barrel.

Reasons for the Adjustment

  • Less than three weeks after missile and drone strikes on Saudi Arabia’s main oil facility caused a record price spike, crude has slipped below $60 again in London. The kingdom has now stabilized output back at pre-attack levels and investors are once again turning their focus to signs of an economic slowdown.
    • Indications of a slowdown in US economic growth and weak earnings in Europe have forced world equity benchmarks reached their lowest levels in a month, raising concerns that worldwide economy may head into recession.
  • The Saudi reassurances have played a significant role in weighing on oil prices after they had spiked the most on record on the day after the attacks. But lingering concerns about flagging global oil demand growth and weakening economies returned with a vengeance on the market and sent oil prices lower than they were just before the attacks.
  • Asian gasoline market fundamentals strengthened further Thursday as several tenders on the spot market showed healthy appetite for gasoline in the region.
  • Traders saw steady fundamentals in the Asian gasoil market at the end of the week, with some saying that the market remained firm to stable. “The demand side is not so bad as China’s domestic gasoil consumption is better as well as the north Asian demand.
  • Oil prices edged higher on Friday as an increase in U.S. jobs eased some financial market concerns that a slowing global economy could dent oil demand, but crude remained down more than 6% on the week and set for a second consecutive weekly decline.

FOREX:  Week-on-week value of Philippine Peso appreciated against the US dollar by P0.30 to P51.85, from P52.14 in the previous week.

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Effective October 5,6 and 8, 2019, most of the oil companies implemented a price decrease of P0.80-P0.85/liter for gasoline, P1.00/liter for diesel and P1.15/liter for kerosene.

Year-to-date adjustments stand at a net increase of P5.61/liter for gasoline, P4.22/liter for diesel and P1.61/liter for kerosene.

For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila

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: https://www.doe.gov.ph