Oil Monitor as of 19 March 2024

Date published: March 19, 2024

WORLD OIL PRICES (March 11-15, 2024, trading days)

The week-on-week price of Dubai crude has increased by almost $0.70 per barrel. The international price of gasoline, diesel, and kerosene have also increased by about $0.75, $0.05, and $0.80 per barrel, respectively.

Reasons for the Price Adjustment1

  • Crude oil prices extend gains on US crude inventory draw, more Ukraine strikes and positive demand outlook.
    • US crude oil inventories fell 1.54 million barrels to 446.99 million barrels amid unseasonably strong refinery demand and lower production.
    • Potential supply disruptions after Ukrainian attacks on 3 Russian refineries
    • OPEC, in its latest monthly oil market report raised its estimate of the demand for its crude in 2024 by 100,000 b/d to 28.5 million b/d.
    • OPEC stood firm on its production cut commitments. However, output levels by OPEC and its allies remain a key factor in the global supply outlook and could cap gains to prices.
  • The Asian gasoline complex was unchanged on the back of a widening US RBOB-Brent crack spread amid a drop in US stocks ahead of the summer driving season. Meanwhile regional supplies remained firm amid steady supply from the Middle East.
  • The Asian ultra-low sulfur gasoil/diesel complex remained mixed with trade sources pointing out that the distillate jet fuel/kerosene market was less bearish than the former, resulting in the regrade spread narrowing to a two-month high.
  • The Asian gasoil complex has also been weighed by lackluster demand on the back of unviable East-West arbitrage economics, resulting in a build of resupply volumes in Asia.

FOREX: The week-on-week average of Philippine peso appreciated versus the US dollar by P0.45 to P55.45 from P56.90 in previous week.

DOMESTIC OIL PRICES

Effective 19 March 2024, the oil companies implemented a per liter decrease of P0.10 for diesel. On the opposite, gasoline increased by P0.10/liter. There was no movement on the price of kerosene.

Year-to-date adjustment of diesel stands at a net increase of P3.70/liter and gasoline at P5.55/liter. On the other hand, kerosene has a net decrease of P0.25/liter in the same comparative period.

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1 Asia Pacific 15 March 2024 Weekly Recap by S & P Global Platts Analytics

For the updated prevailing retail pump prices, please refer to this link:

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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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