Oil Monitor as of 15 October 2024

Date published: October 16, 2024

WORLD OIL PRICES (October 7-11, 2024, trading days)

The week-on-week price of Dubai crude has increased by around $3.70 per barrel. The international price of gasoline, diesel and kerosene have also increased week-on-week by about $4.70, $4.90 and $5.00 per barrel, respectively.

Reasons for the Price Adjustment1

  • Continued fear of supply risks from the volatile Middle East conflict.
    • The crude oil market has been significantly impacted by rising tensions between Israel and Iran. Speculation about potential military actions affecting Iranian oil infrastructure has led to increased prices, with Brent crude reaching over $80 per barrel on Oct. 7, reflecting heightened risk premiums in the market.
  • Strong US economic indicators have bolstered demand expectations.
    • Positive job growth and inflation data have contributed to a bullish sentiment, pushing crude prices higher as market participants anticipate increased consumption.
  • US-EIA data showed an increase in US commercial crude stocks by 5.81 million barrels ended Oct. 4.
    • Inventory buildup mitigated the impact on prices.
  • The Asian gasoline complex strengthened as tensions in the Middles East escalate while technical difficulties at key refineries have reduced gasoline supply.
    • Greater supply risk to crude oil has spilled over to the gasoline complex, with rising concern on any possible gasoline supply risks.
  • Expectation of lower regional gasoil supplies from China, as the country focus on jet fuel exports due to higher demand, pushed prices of gasoil higher.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.79 to P56.99 from P56.20 in previous week.

DOMESTIC OIL PRICES

Effective 15 October 2024, the oil companies implemented an increase of P2.60-P2.65/liter for gasoline, P2.70/liter for diesel and P2.60/liter for kerosene.

Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.05/liter and P6.75/liter, respectively. On the other hand, kerosene has a total net decrease of P2.75/liter.

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1 Asia Pacific 11 October 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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