WORLD OIL PRICES  (April 6-10, 2015 trading days) 

Average crude prices last week were up by around US$2 to US$3 compared to previous week. Reports said, the price uptick was primarily due to a drop in the number of US oil rigs in operation, better economic data from Germany and easing expectations that Iranian oil would return to the market soon after a deal with Western powers over its nuclear programme.

However, increases in crude oil inventory in the US and the announcement of record output of crude by Saudi Arabia in March helped to limit gains in crude benchmark prices.

US inventories in the week ending April 3 reportedly surged nearly 11 million barrels to a fresh record high of 482.4 million, the US Department of Energy noted. Meanwhile, Saudi Arabia, Oil Minister Ali al-Naimi announced that Saudi’s output hit a record of 10.3 million barrels a day in March.

Other factors that boosted prices early into the trading week were as follows:

• Fighting in Yemen - Yemen accounts for only 0.2% of daily global oil production but the port city of Aden overlooks a major shipping channel between Europe and the Middle East.

• News that Saudi Arabia jacked up prices for all May sales to Asia - The rise in Saudi prices signals increased demand in Asia, where Saudi and other Middle Eastern producers don't face as much competition from U.S. shale producers.

As regards the products market, Platts stressed that regional demand soaked up most of the surplus gasoline barrels in Asia, but supply was still heavy. Increased Indian imports over the last two-three months helped keep the market fairly balanced, it said. The rising Indian gasoline imports were due to heavy refinery maintenance, coupled with increased domestic demand.

Meanwhile, Asian gasoil market ended the week on a steady note, buoyed by slightly lower inventories in Singapore, and demand from Vietnam and Sri Lanka, Platts said. Commercial onshore stocks of middle distillates in the key trading hub of Singapore fell 290,000 barrels or 2.8%, from the previous week to stand at 10.162 million barrels in the week ended April 8, as disclosed by IE Singapore.

Overall, Dubai crude price increased week-on-week by US$1.40/bbl. MOPS diesel also increased by US$0.24/bbl; MOPS gasoline decreased by US$0.34/bbl.

FOREX:   Peso per US dollar rate appreciated by P0.10 to P44.24, from P44.34 in previous week.  

Other recommended reference sites:  (1) http://www.aip.com.au/pricing (2) http://www.med.govt.nz/ers/oil_pet/prices/prices.html 

DOMESTIC OIL PRICES

Effective 14 April 2015, most of the oil companies implemented a rollback of P0.20/liter for gasoline. No adjustments were made for diesel and kerosene.

Gasoline stands now at a year-to-date net increase of P0.92/liter, while diesel remains at net decrease of P1.19/liter.

* RON 95

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: http://www.doe.gov.ph