Oil Monitor as of 23 April 2024

Date published: April 23, 2024

WORLD OIL PRICES (April 15-19, 2024, trading days)

The week-on-week price of Dubai crude has decreased by around $1.50 per barrel. The international price of gasoline, diesel and kerosene have also decreased by about $0.20, $4.00, and $3.80 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices shed gains on easing Iran-Israel conflict, US crude build and expectation of elevated rates into Q3, however prices were supported as US reimposes sanctions on Venezuela.
  • Crude oil futures settled lower as the market shed risk premiums amid a lack of escalation in the conflict between Israel and Iran.
    • The US pressured Israel to avoid further escalation.
  • Based on the EIA data, the US commercial crude stocks climbed 2.74 million barrels to 459.99 million barrels, led by a 3.45-million-barrel increase on the US Gulf Coast that put regional stocks at a one-year high 260.92 million barrels.
  • The Asian gasoline complex strengthened despite a narrowing US RBOB-Brent crack as crude prices softened, and supply remained limited amid regional turnarounds.
  • Asian gasoline prices may remain steady on reports of stable stock levels amid the planned refinery maintenances and upgrades. But looking forward, Asia is expected to draw cargoes from the Middle East, as the latter ramps up gasoline production.
  • Sentiment in the Asian gasoil/diesel complex remained weak, largely underpinned by unviable East-West arbitrage economics, which have trapped surplus barrels in the region at a time when regional demand remained subdued.

FOREX: The week-on-week average of Philippine peso depreciated versus the US dollar by P0.60 to P57.11 from P56.51 in previous week.

DOMESTIC OIL PRICES

Effective 23 April 2024, the oil companies implemented a per liter decrease in diesel by P0.95 and P1.10 for kerosene. On the other hand, gasoline prices have increased by P0.55 per liter.

Year-to-date adjustment of gasoline, diesel and kerosene stand at a per liter net increase of P10.25, P6.05 and P1.15, respectively.

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1 Asia Pacific 19 April 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: 840-2187
LPG: 840-2130
Fuels: 840-5669
Website: https://www.doe.gov.ph

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