Brent oil prices decreased by 2.77% or US$1.15, as prices declined this week relative to the prior week. Oil traded on June 25, 2020 at a price of US$40.36 per barrel relative to US$41.51 on June 18, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.92% (JMD$1.03). Additionally, 90 Octane increased by 0.90% or (JMD$1.03) this week. 87 Octane and 90 Octane opened the year 2020 at J$127.27 and J$130.11 respectively and now trades at J$112.89 and J$115.73 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
This Week in Petroleum
U.S. average regular gasoline and diesel prices increase
On June 22, 2020, it was noted that “the U.S. average regular gasoline retail price rose more than 3 cents per gallon from the previous week to $2.13 per gallon, 53 cents lower than the same time last year.” The Gulf Coast price rose almost 4 cents to $1.82 per gallon, the East Coast price increased nearly 3 cents to $2.05 per gallon, the Rocky Mountain price also climbed almost 4 cents to $2.27 per gallon, the West Coast price rose 4 cents to $2.72 per gallon, and the Midwest price rose 3 cents to $2.06 per gallon.
The average diesel fuel price in the U.S. increased greater than 2 cents to $2.43 per gallon relative to the previous week, and 62 cents lower when compared to the same period last year. The Midwest price rose more than 3 cents to $2.29 per gallon, the West Coast price increased almost 2 cents to $2.95 per gallon, while the Gulf Coast price rose over 2 cent to close at $2.20 per gallon, and the East Coast price increased more than 1 cent to $2.52 per gallon. However, the Rocky Mountain price climbed almost 1 cent, remaining relatively unchanged at $2.35 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.4 million barrels to 71.3 million barrels as of June 19, 2020. This was 3.8 million barrels (5.6%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories all experienced increases by 0.1 million barrels, 1.6 million barrels, 0.6 million barrels, and remaining nearly unchanged, respectively.
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