Oil Monitor as of 15 April 2014

Date published: July 1, 2015

WORLD OIL PRICES (April 7-11, 2014 trading days)

World crude prices advanced during the week due to:

• Tension between Ukraine and Russia, raising concern that energy supplies to Europe could be disrupted. A halt of Russian crude through Ukraine could hugely impact oil prices as it is the world’s 7th largest crude shipper and major exporter of crude oil to Europe and Asia;
 
  • Tougher sanctions against Russia that are being considered by the West after it continued to amass tens of thousands of troops near the Ukrainian border. Any sanctions on its oil industry by the West could cause prices to “spike much higher”;
  • Signal of a rebound in the American economy, i.e. positive retail sales data;
  • Resignation of Libyan Prime Minister as disclosed over the weekend. Libya is a member of OPEC;
  • Concerns about the spread of Islamist insurgency in Nigeria. Recent report disclosed of a bomb explosion at a crowded bus station on the outskirts of Abuja that killed 71 people. This was the first attack near the Nigerian capital for two years, and led to increased worries about oil supply disruption.

Specifically for Asian market, Platts noted that gasoline remain supported by expectations of supply tightening over the next two months because of the spring turnaround season across Asia, and higher demand for the Ramadan period in July. It added that sentiment could be bullish for May and June, as Indonesia - the region's single-largest gasoline importer, begins stock building ahead of a seasonal rise in demand during Ramadan. This would provide additional upside to the "already strong" gasoline complex, underpinned by heavy turnarounds.

The Asian gasoil/diesel market is likely to see greater support on growing demand strength in Europe. Singapore-based traders believed that the strength is most likely linked to increasing tension around Ukraine/Russia situation.

Overall, Dubai crude increased week-on-week by about US$0.50/bbl. MOPS gasoline and diesel increased as well by US$2.30 and US$0.60 a barrel, respectively.

FOREX:  Week-on-week value of Peso appreciated against the US dollar by P0.25 to P44.62, from P44.87 in the preceding week.

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

DOMESTIC OIL PRICES

Effective today, 15 April 2014, most of the oil companies increased their prices by P0.60/liter for gasoline and P0.10/liter for diesel. Price of kerosene was decreased by P0.25/liter.

Year-to-date total adjustments stand at a net decrease of P0.95/liter for diesel, and a net increase of P0.10/liter gasoline.

As monitored, shown below are the retail prices in Metro Manila beginning 15 April 2014.
Products Price Range Common Price
P/liter
Diesel 42.00-45.40 44.50
Gasoline* 50.10-56.20 53.50
Auto-LPG 31.67-33.90  
LPG, P/11-kg cylinders 690.00-810.00  

* RON 95

For more information, call the

Department of Energy:
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: [email protected]
Website: https://www.doe.gov.ph

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