Oil Monitor as of 28 November 2024

Date published: November 28, 2024

WORLD OIL PRICES (November 18-22, 2024, trading days) 

The week-on-week price of Dubai crude has increased by almost $1.00 per barrel. The international price of gasoline, diesel and kerosene have also increased week-on-week by about $2.10, $2.00 and $1.70 per barrel, respectively. 

Reasons for the Price Adjustment1

  • The crude oil futures rose amid growing supply-side concerns following Russia's recent warning that it reserves the right to target countries supplying weapons to Ukraine, and its deployment of a new ballistic missile on Ukraine.
  • Bearish US and China oil demand signals outweighed the fears of a worsening conflict situation between Russia and Ukraine. 
  • Iran’s offer to stop increasing their stockpiles of enriched uranium have lessened the risk premium attributed to the overall crude oil complex.
  • The Asian gasoline complex rose on bullishness amid China’s value-added tax rebate cut for exports. 
  • Australia's gasoline imports reportedly rose by 29.75% year over year to 5.77 million barrels in September, of which 1.82 million barrels came from Singapore and 1.45 million barrels from India. 
  • Asian gasoil/diesel complex moderated week on week but remained supported as tight supply continued to fuel the strength, with the market structure and cash differential seeing gains. According to some sources, low Chinese exports are the main reasons for the upward trend while market participants await fresh pricing cues ahead the start of the December-loading spot program.
  • Despite firmer sentiment following China's VAT rebate reduction announcement, gasoil supply in December is expected to remain ample due to exports from India and the Middle East.  

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.09 to P58.83 from P58.74 in the previous week.

DOMESTIC OIL PRICES

Effective 26 November 2024, oil companies implemented an increase of P1.15/liter for gasoline, P1.10/liter for diesel and P0.80/liter for kerosene.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P10.45/liter and P9.75/liter, respectively. On the other hand, kerosene has a total net decrease of P1.50/liter.

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1 Asia Pacific 22 November 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: 8840-2187
LPG: 8840-2130
Fuels: 8840-5669

Website: https://www.doe.gov.ph

 

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