________

This is in connection with the thread "Laki na ng binaba ng presyo ng langis sa World Market"

Thank you.

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31 October 2008

Oil falls below $65 a barrel on US contraction

http://www.gmanews.tv/story/130607/Oil-falls-below-65-a-barrel-on-US-contraction
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BANGKOK, Thailand - Oil prices slipped below $65 a barrel in Asia Friday, extending declines after data showed the US economy contracted in the latest quarter, reinforcing expectations of a prolonged slump in demand.

Light, sweet crude for December delivery was down $1.44 to $64.52 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract overnight fell $1.54 to settle at $65.96. Oil prices have fallen about 55 percent since peaking above $147 a barrel in mid-July.

US gross domestic product, the broadest barometer of a nation's economic health, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department said overnight. It marked the worst showing for the world's largest economy since it contracted at a 1.4 percent pace in the third quarter of 2001.

The negative cue provided by the US data continued into Asian trade, compounding the pressure from a generally strong dollar, said David Moore, commodity strategist with Commonwealth Bank of Australia in Sydney.

Investors often buy commodities such as crude oil as an inflation hedge when the dollar weakens and sell those investments when the greenback rises. Oil investors have also been tracking equity indexes as a barometer of global economic health.

The euro eased to $1.2833 from $1.3181 in late Asian trade Thursday. The region's stock markets were mixed after a blistering rally the previous day with Hong Kong's Hang Seng index down 1.8 percent and South Korea's benchmark index up 1.5 percent.

"The dollar has been relatively firm and that has taken some of the edge off the market. There's also the other issues that have been in the market for a while such as worries about demand and consumption patterns," Moore said.

"A further fall in the oil price cannot be ruled out. It is difficult to predict where the bottom could be," he added. "An important factor over the next few months will be whether OPEC can achieve its output cuts. If it can that will certainly tighten market conditions."

Last week, the Organization of Petroleum Exporting Countries announced plans to cut 1.5 million barrels of production per day at an extraordinary meeting in Vienna called to address plummeting prices.

Venezuela's Oil Minister Rafael Ramirez says that OPEC, which controls about 40 percent of world crude oil production, will need to cut production at least another 1 million barrels per day to boost falling prices.

In other Nymex trading, heating oil fell 2.96 cents to $1.9545 a gallon and natural gas for December delivery was down 5.9 cents at $6.37 per 1,000 cubic feet.

In London, December Brent crude fell $1.41 to $62.30 a barrel on the ICE Futures exchange.
- AP

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03 November 2008

Oil rises above $68, lifted by firm stock markets

http://www.gmanews.tv/story/131000/Oil-rises-above-68-lifted-by-firm-stock-markets
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KUALA LUMPUR, Malaysia — Oil prices rose to nearly $69 a barrel in Asia Monday, rising in tandem with advancing regional equity markets but traders predicted gains may be capped by lingering worries over the health of the global economy.

Light, sweet crude for December delivery rose $1.09 to $68.90 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract settled at $67.81 on Friday, up $1.85 following a late-session surge on the back of a Wall Street rally.

"Oil prices have edged up this morning in sync with Asian equity markets which are firmer as investor confidence rises," said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore.

Oil investors have been tracking equity indexes as a barometer of global economic health. In trading Monday, Hong Kong's Hang Seng index was up 5.4 percent, while South Korea's Kospi was up 3.1 percent. Japan's markets were closed for holiday.

"There is still likely downward volatility in oil futures. I expect oil to trade within the $60-$70 range in the near term," Shum said. The US employment data due later this week is likely to underline the economy's weakness and will cap gains in oil prices, he said.

Oil prices have fallen about 54 percent since peaking above $147 a barrel in mid-July. In October alone, crude recorded its biggest ever drop as prices tumbled 32 percent.

The drop in oil come despite recent moves by the Organization of the Petroleum Exporting Countries to cut 1.5 million barrels of production a day.

Venezuela's Oil Minister Rafael Ramirez has said OPEC, which controls about 40 percent of world crude oil production, will need to cut production by at least another 1 million barrels daily to boost falling prices.

Opinion, however, is mixed on whether all members of the cartel will follow through on the cuts — or keep churning out as much crude as they can on fears that prices will plummet more.

Shum said OPEC's recent output cut hasn't managed to offset the decline in demand but a second cut may help tighten supply in the market and support oil prices in the long run.

In other Nymex trading, gasoline futures rose 1.45 cents to $1.5124 a gallon. Heating rose rose 1.28 cents to $2.0970 a gallon and natural gas for December delivery was down 7.1 cents at $6.712 per 1,000 cubic feet.

In London, December Brent crude rose $1.04 to $66.36 a barrel on the ICE Futures exchange.
- AP

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04 November 2008

Brent falls below $60 a barrel

http://business.inquirer.net/money/breakingnews/view/20081104-170142/Brent-falls-below-60-a-barrel
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SINGAPORE -- Brent crude oil dropped below $60 a barrel Tuesday amid concerns over weakening energy demand after data showed US and European economies facing a worsening economic outlook, dealers said.

In morning Asian trade, Brent North Sea crude for December delivery was down 71 cents to $59.77 a barrel. It had tumbled $4.84 to settle at $60.48 per barrel in London on Monday.

New York's main contract, light sweet crude for December delivery declined 61 cents to $63.30 a barrel, after dropping $3.90 a barrel in US trade.
________


Oil holds near $64 ahead of US vote

http://business.inquirer.net/money/breakingnews/view/20081104-170139/Oil-holds-near-64-ahead-of-US-vote
............

SINGAPORE -- Oil was little changed on Tuesday after falling nearly 6.0 percent the previous session on renewed fears of economic recession, as investors were unwilling to place big bets before the US presidential election.

Crude oil has plummeted from its record above $147 a barrel in July as the credit crisis hits the real economy and limits fuel use in the United States, the world's top oil consumer, and other key consumer nations.

US light crude for December delivery inched 11 cents lower to $63.80 a barrel at 0058 GMT, with less than 600 lots traded, having fallen almost $4.00 in the previous session after October saw the steepest monthly price decline for oil.

London Brent crude had not changed hands at the same time.

sir ang alam ko nga po e bumaba na ng 54$ barrel ung gas e..
so ang pinaka raw na price talaga dapat ng gas e 17 pesos pero syempre exclusive pa yan ng vat, import tax and kita ng oil companies...
pero masyado parin atang mataas ung 43 per liter nila..

__________

yep, dapat nasa P32-P35 per liter presyo ng gas natin dito

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05 November 2008

UniOil to roll back autogas prices by P3.60/liter Wednesday afternoon

http://www.gmanews.tv/story/131498/UniOil-to-roll-back-autogas-prices-by-P360/liter-Wednesday-afternoon
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MANILA, Philippines - Small oil player UniOil on Wednesday said it will roll back its autogas prices by P3.60 per liter in line with the continuous drop of oil prices in the world market, a radio report said Wednesday.

Radio dzBB's Allan Gatus said the rollback will take effect 2 p.m. Wednesday.

On Tuesday, the LPG Marketers Association (LPGMA) announced it will bring down the prices of liquefied petroleum gas by P1 per kilogram and autogas by P1 per liter. The price rollback took effect Tuesday midnight.
- GMANews.TV

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06 November 2008

Oil falls below $66 as demand continues to ebb

http://money.aol.com/news/articles/_a/bbdp/oil-falls-below-66-as-demand-continues/237658
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HOUSTON -Oil prices dipped below $66 a barrel Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential impact on energy demand. Gasoline prices continued to tumble.

A day after oil staged an Election Day rally, even indications that OPEC was acting on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices.

Light, sweet crude for December delivery fell $5.23 to settle at $65.30 a barrel on the New York Mercantile Exchange. Prices fell despite a rally in Asian stock markets after the U.S. presidential election was settled, with Barack Obama becoming the first black to win the White House.

Oil prices surged above $70 a barrel for the first time in nearly two weeks Tuesday, mirroring global stock markets that strengthened in the U.S., Asia and Europe.

That one-day rally, however, "did not eliminate pervasive fears of a protracted global economic slowdown," Addison Armstrong, director of market research at Tradition Energy, said in a note Wednesday morning.

Oil prices have tended to mimic U.S. equities markets of late, and Wednesday was no different. The Dow Jones industrial average fell 95 points in late morning trading.

"What happens when you're in a bearish market that's trying to make a bottom is you do a sort of Texas two-step," said Peter Beutel, oil analyst at Cameron Hanover in New Canaan, Conn. "Oil goes up for a day or two, and the rug gets pulled out. It goes up for another day or so and the rug gets pulled out. The tide appears to be trying to change from an overwhelmingly lower trend to one that's sideways to higher."

On the supply front, U.S. crude inventories remained stable after rising the previous five periods, while gasoline stockpiles rose unexpectedly, according to government data released Wednesday.

For the week ended Oct. 31, crude-oil inventories remained at 311.9 million barrels, 1.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts had expected a boost of 500,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Gasoline inventories rose by 1.1 million barrels, or 0.6 percent, to 196.1 million barrels, which is 1.3 percent below year-ago levels. Analysts expected stockpiles of the motor fuel to fall by 1.1 million barrels.

Demand for gasoline over the four weeks ended Oct. 31 was 2.3 percent lower than a year earlier, the report said.

However, many analysts point to a steady recovery in demand, largely from the dramatic decline in gasoline prices in the past several weeks.

Gasoline fell again overnight, dipping a couple of cents to a national average of $2.365 for a gallon of regular unleaded, according to auto club AAA, the Oil Price Information Service and Wright Express. The average price has fallen 33 percent in the past month and, according to AAA, could be headed to $2 a gallon nationally by year's end.

Economic indicators out of the U.S. this week suggest the world's largest economy may be heading for its worst recession in decades. A Commerce Department report Tuesday said factory orders fell 2.5 percent in September from August, much worse than analysts had predicted.

On Monday, U.S. manufacturers reported poor figures for October, showing the worst reading in more than a quarter century, according to the Institute for Supply Management.

The slowdown, sparked by a credit crisis that began last year, shows signs of spreading across the world.

"There are two forces working on the oil price," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "One is fear of weaker consumption, and the other is OPEC cutting output to wind back surpluses in the market."

The Organization of the Petroleum Exporting Countries said last month it would cut output quotas by 1.5 million barrels a day along with a 520,000 barrel cut announced earlier. Venezuelan Oil Minister Rafael Ramirez has said OPEC, which controls about 40 percent of world crude oil production, may slash production by at least 1 million barrels daily when it meets next in December.
By JOHN PORRETTO,AP

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07 November 2008

Oil falls below $60 to 20-month lows

http://business.inquirer.net/money/breakingnews/view/20081107-170797/Oil-falls-below-60-to-20-month-lows
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PERTH -- Oil fell below $60 a barrel for the first time in 20 months on Friday, extending its overnight drop of 7.0 percent, as spreading economic gloom further dampened the outlook for energy demand.

The International Monetary Fund said on Thursday it now expects 2009 global economic growth of 2.2 percent, down 0.8 percentage points from its October forecast. It also cut its 2009 baseline oil price projection to $68 a barrel from $100.

US light crude for December delivery fell 44 cents to $60.33 a barrel by 0150 GMT, having earlier fallen to $59.97, its lowest since Mar. 22, 2007. London Brent Crude was down 73 cents to $56.70.

Oil prices have tumbled more than 10 percent this week as a series of dismal economic data from the United States sharpened investors' worries of a protracted global recession and growing US fuel stockpiles underscored thinning energy demand.

Britain and Europe slashed interest rates on Thursday amid recession fears deepened by some of the worst US retail sales in decades and an IMF forecast for an economic contraction not seen since World War Two.

Moves by top automaker Toyota to halve its profit forecast and expectations the US could report another 200,000 job losses on Friday also added to signs of distress.

Analysts said Asian stock markets' performance and dollar movements would be key to oil prices.

Fears of a global recession dragged down Asian stocks on Friday, with the Japan's Nikkei average tumbling 6.0 percent and Australia's S&P/ASX 200 Index shedding 4.0 percent in early trading.

Traders will also be looking towards US economic indicators due out later on Friday, including government reports on October unemployment data and September wholesale inventories, to gauge how the world's largest economy is faring.

In just about three months, oil prices lost nearly $90 from record highs above $147 a barrel, as the growing global economic crisis cuts energy demand in the United States, the world's largest energy consumer, and other industrialised nations.

Slowing demand and the sharp price drop drove producer cartel the Organization of Petroleum Exporting Countries to agree to cut output by 1.5 million barrels per day at an emergency meeting last month.

While market sources and members of the producer group say the reductions are already being made, Venezuelan Oil Minister Rafael Ramirez said on Thursday OPEC needed to reduce output by a further one million barrels per day.

OPEC's seaborne oil exports, excluding Angola and Ecuador, will drop 310,000 bpd in the four weeks to Nov. 22 and will have fallen 700,000 bpd from an August supply peak, an oil analyst who tracks future flows said.

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21 NOVEMBER 2008

Oil dips under $50 in US trade over fears of deep recession

http://www.gmanews.tv/story/134783/Oil-dips-under-50-in-US-trade-over-fears-of-deep-recession
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Oil prices plunged over $3 Thursday, briefly dipping below $50 a barrel as 16-year high US unemployment figures and plummeting stock markets caused investors to price in lower crude demand.

Light, sweet crude for December delivery was down $3.25 to $50.37 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe.

Crude briefly dipped below $50 for the first time since Jan. 18, 2007 when prices struck $49.91, just a penny above the 2007 low.

On Wednesday, the contract fell 77 cents to settle at $53.62.

In London, January Brent crude fell $2.89 to $48.83 on the ICE Futures exchange.

Markets worried that a steep economic slowdown would cut demand for oil.

"People are saying this slowdown could be the worst since the Great Depression," said Toby Hassall, an analyst with investment firm Commodity Warrants Australia in Sydney. "There's definitely fear out there that it's going to be pretty severe."

There was bad economic news Thursday out of the US, with new claims for unemployment benefits jumping last week to a 16-year high, providing more evidence of a rapidly weakening job market expected to get even worse next year.

The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week. That's much higher than Wall Street economists' expectations of 505,000, according to a survey by Thomson Reuters.

That is also the highest level of claims since July 1992, the department said, when the US economy was coming out of a recession.

Concerns that Congress may not approve a $25 billion rescue package for ailing US carmakers General Motors Corp., Ford Motor Co., and Chrysler LLC helped drag the Dow Jones industrial average down 5.1 percent Wednesday to its lowest level since March 2003.

"The downturn in equities is driving an overall lack of confidence," said Olivier Jakob of Petromatrix in Switzerland.

Stocks slid sharply Thursday in Asia and Europe. Japan's benchmark Nikkei index fell 6.9 percent and Hong Kong's Hang Seng index was off 4 percent. London's FTSE index was down 2.5 percent, Germany's DAX index lost 2.8 percent and France's CAC-40 shed 3.5 percent.

"The stock markets are representing investor pessimism regarding the economic outlook and what we have in store over the next year," analyst Hassall said.

On Wednesday, the US Department of Transportation provided more evidence that the slowdown continues to hurt gasoline consumption, even as prices fall. Americans drove almost 11 billion fewer miles in September, the department said.

A production cut by OPEC may keep prices from falling further. The Organization of Petroleum Exporting Countries is holding an informal meeting later this month ahead of an official meeting in December. OPEC President Chakib Khelil has signaled the group may announce production cuts at the December meeting, but some members, such as Iran, have called for earlier cuts.

"It's gonna take a pretty big supply side response from OPEC at their next meeting to provide some support," Hassall said. "The focus of the market is definitely on the demand side."

Investors have been brushing off news that earlier in the year would have sent prices higher. Chevron Corp. invoked "force majeure" Tuesday on 90,000 barrels a day of Nigerian production after a pipeline was breached by militants in the Niger Delta. Earlier this week, Somali pirates hijacked a Saudi supertanker carrying $100 million in crude.

In other Nymex trading, gasoline futures fell 7.30 cents to $1.034 a gallon. Heating oil lost 5.33 cents to $1.7064 a gallon while natural gas for December delivery slid 9.9 cents to $6.644 per 1,000 cubic feet. - AP

ayos panay ang roll back nila, kala ko talaga noon ng halos nasa 60 na eh aabot pa sa 80 hanggang 100..

whew buti na lang bagsak presyo gasolina ngayon..

Sir ano na po ang prices ng gas ngayun???


Here in the states its $2.19 per Gal.

I was happy happy kasi ang fulltank ko kanina is only $50, last 4 months it was like $80. Naiiyak ako!

Sana bumaba pa lalo.

Good news ito para sa mga motorists. Mababa ngayon ang mga prices ng mga petroleum products. Sana magbigay ang mga oil companies ng 1 time big time rollback para maibsan ang hirap natin sa gastos sa transportasyon at para naman pamasko sa atin ito.:D

Magandang araw po sa inyong lahat!!!

Magkano na po ngayun ang krudo at gasolina diyan sa atin mga kasamang motorista.

Maraming salamat po at mabuhay po kayo!!!:banana::clap::banana::clap:

hanggang watch na lang ako!:o

antay ko na maging regulated ulit ang gas o kaya yung 20 per liter na lang!:D

36 na lng yahooo pero sabi baba pa daw ng 8 pesos hihi

36 na lng yahooo pero sabi baba pa daw ng 8 pesos hihi

oi..magandang balita....:clap::clap::D

kung magtaas sila MABILIS pa sa GSXR 1000 pero kung mag rollback sila eh parang 49cc na 4stroke.


:pissed:

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03 December 2008

Oil drops 4.7%, down $100 from record

http://business.inquirer.net/money/breakingnews/view/20081203-175802/Oil-drops-47-down-100-from-record
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NEW YORK — Oil prices fell to below $47 a barrel on Tuesday, down $100 from their peak, driven down by a gloomy economic outlook and news that OPEC made only two-thirds of its pledged supply cuts in November.

US crude settled at $46.96 a barrel, down $2.32, or 4.71 percent, the lowest settlement since May 2005.

London Brent settled at $45.44 a barrel, down $2.53.

Crude prices have now fallen from a record $147.27 a barrel struck in July as the mushrooming global economic crisis hits demand in the United States and other large consuming nations.

"Fears of a deep global recession continue to linger over the markets like a dark cloud as traders try to ascertain not only the deepness of the slowdown but how long it will take for the recovery to take hold," said Chris Jarvis, senior analyst at Caprock Risk Management in Hampton Falls, New Hampshire. "As a result, crude oil remains on its slippery slope, looking for direction and a bottom as is the case with the majority of the asset classes."

In September, US oil demand fell to its lowest level for any month in more than a decade, the US Energy Information Administration said last week.

Members of the Organization of Petroleum Exporting Countries had pledged to lower output by 1.5 million barrels per day in November in order to prop up prices, but were only 66-percent compliant with the target last month, a Reuters survey showed on Tuesday.

OPEC's decision to wait until later this month to take more supply off the market, combined with a steep sell-off in US stocks, led to a drop of more than nine percent in US crude oil futures on Monday.

Benchmark US stock indexes were up more than three percent on Tuesday as investors hunted for bargains amid optimism that the government will bail out the US auto industry.

OPEC members remained concerned about oversupply in the world oil market and may decide to cut output further at their next meeting in Algeria on Dec. 17.

"We are concerned about the glut ... I think there is an indication that we will have another cut," Qatar Oil Minister Abdullah al-Attiya said.

Top oil exporter Saudi Arabia has highlighted $75 a barrel as a "fair price" for oil.

Meanwhile, sources said two OPEC members, the United Arab Emirates and Kuwait, would increase oil sales to many major Asian customers—which would send mixed signals about OPEC output cuts.

More bearish news for oil prices could be in store on Wednesday, when the US government reports weekly oil inventory data.

A Reuters poll of analysts showed US crude inventories likely grew by 1.7 million barrels last week, a third consecutive weekly rise, as imports continued to increase.
With editing by INQUIRER.net

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11 December 2008

Eastern Petroleum, others roll back fuel prices

http://www.gmanews.tv/story/138867/Eastern-Petroleum-others-roll-back-fuel-prices
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MANILA, Philippines — Independent oil firm Eastern Petroleum on Thursday afternoon implemented an across-the-board price rollback on its petroleum products of P1 per liter, while big oil players Pilipinas Shell and Petron Corp are scheduled to implement a similar cut later in the day.

Eastern Petroleum president Fernando Martinez told GMANews.TV that their price adjustment covers gasoline, diesel, and kerosene products and took effect at 2 p.m., the same time competitor Seaoil slashed their gasoline prices by a bigger P3 per liter cut.

Martinez said that while their rollback would be P1 per liter for all their pump prices, there would be some exceptions.

“Kapag may katabing Seaoil within a few meters, P3 per liter din ang bawas naming sa gasoline (Gasoline prices in our stations with Seaoil station nearby will be sold at P3 per liter)," Martinez said.

He said there are about four to five Eastern Petroleum stations that are nearby Seaoil stations. “Kaunti lang naman (We only have a few)," Martinez said. Eastern Petroleum has 40 gasoline stations and retail stores nationwide.

The Seaoil president said their reduction was brought by the softening of oil prices in the world market.

Asked if oil consumers can expect more rollbacks before the month ends, Martinez said, “Hindi tayo nakakasigurado. Tumataas na nga actually uli ang presyo sa world market (I am not sure. But actually, prices are once again going up). But we will see."

Meanwhile, Shell and Petron will implement its similar P1 per liter oil price cut at 12:01 a.m. Friday.

As of posting time, Chevron Philippines (formerly Caltex) has yet to announce any price reduction.

UniOil Petroleum Philippines Inc and Flying V both told GMANews.TV in a phone interview that they have yet to make their decisions.

“There had been movements earlier from our competitors. We will see how it goes. We’re still talking about it then act accordingly," said Joey Cruz, Flying V vice president for retail network program.

Last week, the Big Three oil players – Shell, Petron, and Chevron announced that price reduction would be impossible for December.

Aside from its gasoline prices, Seaoil Philippines announced earlier in the day a P1 per liter cut on the prices of its diesel and kerosene products.

Glenn Yu, Seaoil president, attributed the rollback to the continuing slide of oil prices in the international market.

Asked why Seaoil reduced its prices despite statements from major oil firms that price adjustments is already impossible for December, Yu said their importation of refined petroleum products - contrary to crude oil imported by Petron and Shell - had been working to their advantage.

Yu said they would study whether they could still implement further rollbacks before the year ends, saying they continue to coordinate with the Energy department in monitoring the movement of oil world prices.
- Aie Balagtas See, GMANews.TV

OPEC ready for deepest oil cut (http://www.inquirer.net/specialfeatures/thefinancialcrunch/view.php?db=1&article=20081217-178511)

mukhang may posibilidad na tumaas uli ang presyo ng gaso next year.

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18 December 2008

Oil falls below $40 despite OPEC output cut

http://www.gmanews.tv/story/140063/Oil-falls-below-40-despite-OPEC-output-cut
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SINGAPORE — Oil prices fell to 4 1/2-year lows Thursday in Asia as investor pessimism over global crude demand outweighed OPEC's largest-ever production cut.

Light, sweet crude for January delivery was down 15 cents to $39.91 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. At one point, it fell as low as $39.19 — a level not seen since at least July 2004.

Overnight, the contract fell $3.54 to settle at $40.06 a barrel, after touching $39.88.

The 13-nation Organization of Petroleum Exporting Countries, which accounts for about 40 of global oil supply, said Wednesday it planned to reduce its output quotas by 2.2 million barrels a day.

But markets had already expected a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe global economic slump.

"The market apparently had already priced in this cut," said Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney. "I think OPEC will have to have another meeting in January, and I wouldn't be surprised to see possibly a 3 million cut next time."

OPEC's next official meeting is scheduled for March. The group had already announced cuts totaling 2 million barrels earlier this year, also with little effect. The unprecedented production cuts and the market reaction show just how fast energy demand has fallen during the worst economic downturn in at least a generation.

Oil prices have tumbled 73 percent since July. What started as a crisis in the US sub-prime mortgage sector last year has mushroomed into a recession in most developed countries and a sharp downturn in emerging nations.

Companies across the world are laying off workers and banks are reluctant to lend. Plunging property values and high debt levels have led many consumers to pull back spending.

"I'm worried about growth," McGuire said. "You have to get people spending."

Oil prices may fall as low as $35 a barrel during the next few weeks, he said.

U.S. crude inventories rose slightly last week and gasoline reserves increased as demand stayed below year-ago levels, according to government data released Wednesday.

Analysts had expected crude stocks to fall 900,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

In other Nymex trading, gasoline futures fell 0.45 cents to $1.00 a gallon. Heating oil was steady $1.44 a gallon while natural gas for January delivery was steady at $5.62 per 1,000 cubic feet.

In London, February Brent crude rose 2 cents to $45.55 a barrel on the ICE Futures exchange.
- AP

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19 December 2008

3 oil companies to cut fuel prices by P2/liter

http://www.gmanews.tv/story/140292/3-oil-companies-to-cut-fuel-prices-by-P2/liter
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MANILA, Philippines - Amid the continuous fall of oil prices in the world market, major oil firms Pilipinas Shell and Petron Corp. announced Friday that they will be rolling back gasoline, diesel, and kerosene prices by P2 per liter, while independent player Seaoil Philippines said it will reduce diesel prices by the same amount.

Shell led the latest round of price rollback, with its spokesman Roberto Kanapi announcing early Friday that the company will be bringing down its gasoline, diesel, and kerosene prices by P2 per liter, also effective 12:01 a.m. Saturday.

"We are pleased to advise that Shell will roll back prices of gasoline, diesel, and kerosene by P2/liter effective 12:01 a.m. 20th December 2008," Kanapi said in the text message.

Petron later followed suit, matching Shell's rollback.

Petron public affairs officer Raffy Ledesma said their rollback, which will take effect 12:01 a.m. Saturday, was made to reflect the drop of oil prices in the world market.

"Petron is pleased to announce a P2/liter rollback in the prices of gasoline, diesel, and kerosene effective 00:01 December 20 to reflect international oil prices," said Ledesma.

"Since August, gasoline and diesel prices have been reduced by a total of P27.50 per liter and P24.50 per liter, respectively," he added.

Although Shell and Petron were the first to announce a rollback, independent oil firm Seaoil Philippines will beat the bigger oil firms in implementing the rollback, saying it will reduce diesel prices by P2 per liter starting 2 p.m. Friday.

"Seaoil is pleased to announce that it will rollback the price of its diesel product by P2/liter," Seaoil spokesman Rey Jimenez said in a text message sent to reporters.

The announcements for the fuel price rollbacks came after militant transport groups Pasang Masda and Pinagkaisang Samahan ng Tsuper at Operator Nationwide (Piston) staged a protest caravan in Makati City to demand a rollback in diesel prices to P26 per liter.
- Johanna Camille Sisante, GMANews.TV with reports from Mark Merueñas

SINGAPORE AP- Oil prices rose above $47 a barrel Monday in Asia as a ground offensive by Israeli troops against Hamas militants in Gaza heightened tensions in the oil-rich Middle East.
Light, sweet crude for February delivery rose $1.36 to $47.70 a barrel, after earlier jumping to as high as $48.68, in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose Friday $1.74 to settle at $46.34.
Thousands of Israeli troops backed by tanks and helicopter gunships surrounded Gaza's largest city and fought Hamas militants at close range Sunday, as the offensive moved from airstrikes to artillery shelling and ground fighting in a bid to stop rocket fire on southern Israel.
More than 512 people have died in Gaza while five Israelis have been killed since the offensive began Dec. 27.
"With Israeli troops going into Gaza, that just heightens fears of the possibility of a wider Middle East conflict," said Ken Hasegawa, an energy analyst with broker Newedge in Tokyo. "Prices will likely continue to rise in the short term."
A dispute between Russia and Ukraine over natural gas payments also concerned traders. Russian gas monopoly Gazprom has cut off gas shipments to Ukraine since Thursday, and Ukraine has warned that European customers could see serious natural gas disruptions in about two weeks.
Gazprom has continued to send gas to Europe, which relies on it for a quarter of its gas. But 80 percent of the gas Gazprom sends west passes through the same pipelines that supply Ukraine, and over the past four days the pressure in the pipelines has dropped. Some European countries — including Bulgaria, the Czech Republic, Hungary, Poland and Romania — have reported a decline in supplies.
Investors are also keeping close tabs on whether OPEC is following through on announced production cuts. The Organization of Petroleum Exporting Countries has pledged to reduce output quotas by 4 million barrels a day since October.
"The direction of oil going forward will depend on OPEC's compliance with their output cuts and the health of the global economy," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. Shum expects prices to average in the low $50s this year.
An attack on an oil pipeline in Nigeria's restive south also helped bolster prices. Regional army chief Brig. Gen. Wuyep Rimtip said Saturday he did not know how severely the pipeline was damaged and suspected local youths rather than militants were responsible for the attack.
Nigeria's major militant group, the Movement for the Emancipation of the Niger Delta, declared a cease-fire in September, but has warned that attacks could resume if it is provoked.
In other Nymex trading, gasoline futures rose 3.25 cents to $1.14 a gallon. Heating oil gained 1.94 cents to $1.50 a gallon while natural gas for February delivery increased 1.4 cents to $5.99 per 1,000 cubic feet.
In London, February Brent crude rose $1.30 to $48.21 a barrel on the ICE Futures exchange.

http://startribune.com/




kaya pala binibitin tayo sa rollback, kasi forseen na itong conflict na ito makaaapekto sa presyo ng langis.

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13 January 2009

Chevron, Shell match Petron's P0.50/liter rollback

http://www.gmanews.tv/story/143913/Chevron-Shell-match-Petrons-P050/liter-rollback
............

MANILA, Philippines – Two major oil players Chevron Philippines and Pilipinas Shell on Tuesday matched Petron Corp.'s cut back on oil prices, both rolling back prices of their petroleum products by P0.50 per liter.

In a phone interview with GMANews.TV, Chevron corporate communications manager Antonio Nebrida said the company implemented its price cut on diesel, gasoline, and kerosene as of 12:01 a.m. Tuesday.

For his part, Shell vice president for communications Roberto Kanapi said in an interview on dzBB radio that their P0.50 per liter rollback for the same oil products also took effect 12:01 a.m. Tuesday.

Kanapi also said another price rollback may be expected within this week, owing to the downward trend in international oil prices in previous weeks. Kanapi said starting this year, the company will reflect pricing trend in local pump prices on a weekly basis.

On Monday evening, Petron Corp. announced that a rollback of the same amount for diesel, gasoline, and kerosene prices will be effective also 12:01 a.m. Tuesday.

As of this posting, other oil firms have yet to announce whether they will match the major oil firms' price movement.
- Sophia Dedace, GMANews.TV

sana bumaba pa. para bumaba na rin iba pang products!

kung nabili na ng san miguel yung ibang shares sa petron eh sana hindi na sumama sa big2 for profiteering.

Para naman mas marami tayo mabili beer. O db kita pa rin naman sila dun?:O:O

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13 January 2008

Oil slides below $37 on demand worries

http://business.inquirer.net/money/breakingnews/view/20090113-183047/Oil-slides-below-37-on-demand-worries
............

PERTH, Australia – (UPDATE) Oil fell to a more than two-week low below $37 a barrel on Tuesday, extending a near 8.0-percent overnight loss, as investors grew more pessimistic about energy demand on indications the world economy will slow down sharply.

Worsening recessionary signs forced investors to flee risky assets such as commodities and take refuge in the safe haven of US Treasury bonds on Monday, while Asian shares fell on concerns about the United States sinking further into recession.

US light crude for February delivery fell 93 cents to $36.66 a barrel by 0557 GMT, the weakest level since Dec. 26. London Brent crude fell 40 cents to $42.51.

"It's generally a very negative tone out there and there is a lot of pessimism on oil demand in the near term," Toby Hassall, chief analyst at Commodity Warrants Australia in Sydney.

Slumping fuel demand due to the global recession sent oil prices down 54 percent last year, and crude is now off more than $100 from its record peak above $147 a barrel last July.

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Oil falls to near $37 on gloomy demand outlook

http://www.gmanews.tv/story/143941/Oil-falls-to-near-37-on-gloomy-demand-outlook
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SINGAPORE — Oil prices fell to near $37 a barrel Tuesday in Asia on expectations crude demand will weaken amid a severe global economic slowdown.

Light, sweet crude for February delivery was down 45 cents at $37.14 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange.

Crude prices have fallen more than 25 percent since reaching just above $50 a barrel last week as traders returned from the holiday break to find evidence of falling manufacturing and consumer spending across the globe.

The February contract fell 8 percent on Monday, or $3.24, to settle at $37.59 after Alcoa Inc., the world's third-largest aluminum company, reported a quarterly loss of $1.19 billion.

Alcoa, the first component of the Dow Jones industrial average to post results, said last week it plans to lay off about 13 percent of its global work force by the end of 2009 amid sinking prices and demand for the metal.

The Dow fell 1.5 percent Monday and has dropped 3.5 percent this year.

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15 January 2009

Petron, Chevron, Eastern roll back pump prices

http://www.gmanews.tv/story/144384/Petron-Chevron-Eastern-roll-back-pump-prices
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MANILA, Philippines - Following Pilipinas Shell's announcement that it will slash fuel prices by P0.50 per liter, the remaining two oil giants in the country on Thursday said they will also roll back pump prices by the same amount.

In a text message to reporters, Petron Corp. spokesperson Virginia Ruivivar said their rollback for gasoline, diesel, and kerosene will take effect 12:01 a.m. Friday.

Meanwhile, Chevron corporate communications manager Antonio Nebrida said in a text message to reporters that the firm will also reduce gasoline, diesel, and kerosene prices starting 12:01 a.m. Friday by P0.50 per liter.

Pilipinas Shell spokesman Roberto Kanapi earlier announced the same price rollback for their oil products.

The three oil giants previously brought down prices by the same amount last Tuesday.

On the other hand, a GMA Flash Report said independent player Eastern Petroleum will also reduce the prices of its gasoline, diesel, and kerosene products by P0.50 per liter starting 6 p.m. Thursday.
- Johanna Camille Sisante, GMANews.TV

bababa ang seaoil ng 1pesos pero tataas naman daw ang shel ng 50centavos. ano ba iyan

Wala naman kwenta ang oil price watch na yan kahit gobyerno wala rin magagawa kung gusto magtaas ng mga gas companies nasa batas na kasi kalayaan ng mga kumpanya magtakda ng presyo kaya pag pinagkasunduan nila magtaas na presyo sorry na lang tayong mamamayan!

sa shell macapagal ang baba presyo nila....
kesa sa ibang station...

Ano po dahilan bakit ang diesel pababa pero ang gasoline pataas?

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02 February 2009

Chevron, Shell, Seaoil to adjust pump prices

http://www.gmanews.tv/story/146995/Chevron-Shell-Seaoil-to-adjust-pump-prices
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MANILA, Philippines – Major oil players Chevron Philippines and Pilipinas Shell, as well as independent firm Seaoil Philippines, on Monday announced their latest price adjustments in their diesel, kerosene, and gasoline.

In a text message to reporters, Chevron corporate communications manager Antonio Nebrida and Seaoil spokesman Rey Jimenez both said they would reduce their diesel prices by P0.50 per liter while their kerosene prices would be slashed by P1 per liter.

Meanwhile, radio dzBB reported that Shell would also implement the same adjustments on the two petroleum products.

The three oil companies said the price adjustments would be effective 12:01 a.m. Tuesday.

Despite the price cutbacks, Shell, Chevron, and Seaoil would still hike gasoline prices by P0.50 per liter.

Shell even matched the liquefied petroleum gas (LPG) price hike of another major oil player, Petron Corp, which increased their LPG prices by P4 per liter.

Shell hiked their LPG prices by P2 per liter, which would make an 11-kilogram LPG tank P22 more expensive than its previous price.

As of posting, other oil firms have yet to announce whether they will match the three oil firms’ latest price adjustments.

Aside Petron, the LPG Marketers Association (LPGMA) has also hiked its LPG prices by P5 per liter, adding P55 in the price of an 11-kg tank.

LPGMA President Arnel Ty said that the rising contract prices in the world market would also force them to further implement at least P2 per liter of LPG price hike within February.
- with Sophia Dedace, GMANews.TV

sa shell macapagal ang baba presyo nila....
kesa sa ibang station...

Dami ko nga naririnig na mas mura ang gasoline sa macapagal...:)

Kaso yesterday kinargahan ko yung hi ace ng diesel sa macapagal (not sure if gaso lang ang mura) and guess what??:?

Mahal sila ng P2.0 ( around P28.3) compared sa Shell Antipolo ( around P26.25; na nagpakarga ako ng P200 1 hr earlier para makaabot lang sa macapagal)..ouch!!!:eek:
Hehehe...charged to experience.

Pasyal kasi kahapon sa People's Park Tagaytay kaya doon na lang ako nagpakarga =)

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16 February 2009

Seaoil to hike gasoline, diesel prices Tuesday

http://www.gmanews.tv/story/149028/Seaoil-to-hike-gasoline-diesel-prices-Tuesday
............

MANILA, Philippines – Independent player Seaoil Philippines on Monday announced it would increase its gasoline and diesel prices on Tuesday.

In a text message to reporters, Seaoil spokesperson Rey Jimenez said that the oil firm will hike its gasoline prices by P0.50 per liter and its diesel prices by P0.25 per liter.

Jimenez said the price cut will take effect 12:01 a.m. Tuesday.

As of this posting, other oil firms have yet to announce whether they will likewise implement adjustments on their pump prices.
- Sophia Dedace, GMANews.TV

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02 March 2009

4 oil firms roll back pump prices

http://newsinfo.inquirer.net/topstories/topstories/view/20090301-191734/4-oil-firms-roll-back-pump-prices
............

MANILA, Philippines – Pilipinas Shell Petroleum Corp., Petron Corp., Chevron (formerly Caltex) and Thailand-based PTT Philippines Corp. rolled back their pump prices on Monday, officials said on Sunday.

Shell, Petron and Chevron – the so-called "Big 3" oil firms – cut the prices of diesel and kerosene by P1 per liter and gasoline by P0.50 per liter, said Roberto Kanapi, Shell vice president for communications, Virginia Ruivivar, Petron spokesperson, and Toby Nebrida, Chevron communications manager.

PTT also slashed the prices of their gasoline by P0.50 a liter but reduced only its diesel price by P1 per liter.

Petron and Shell also cut liquefied petroleum gas (LPG) prices by P2 per kilogram, or P22 per 11-kg LPG cylinder.

Shell, Chevron, and PTT's price adjustment took effect at 12:01 a.m., while Petron's adjustment will take effect 6 a.m. The cutback is brought by the downward trend in world oil prices, Ruivivar said.

The decrease in LPG prices reflected an anticipated decline in the international contract price of the gas. Arnel Ty, head of the LPG Marketers Association, said earlier they expected contract prices to go down by an estimated $68 per metric ton.

As of last month, the international contract price was at $505 per MT.

Data from the Department of Energy showed regional Dubai crude fell to an average of $43 a barrel as of Feb. 26, from $44 a barrel in January.

for those who doesnt know what chevron is .. its CALTEX..

May mga small player na nagbebenta ng Diesel sa mas mababa pang halaga and ang sa sabi ng Big3 malamang eh smuggle daw un or ang tawag ay "PAIHI". Kaya daw naibebenta sa mas mabababg halaga kasi nga daw walang tax.

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crude nearing $45 per barrel again