Brent Oil recorded its lowest weekly price for the year.

Gas Price Movement

June 21, 2017

Brent Oil

Brent Oil traded at its lowest weekly price for the year closing the week ended June 18, 2017 at US$44.77 per barrel, after opening the year at US$56.82 per barrel. Notably, this is the second lowest price recorded for the Brent over the last 12 months, with the lowest of US$42.70 reported in July 21, 2016. Additionally, this is the Brent’s 5th straight week of decline, with a week over week decline of 4.72% .

Petrojam prices

For the second straight week, 87 Octane prices continued to decline with a week over week decrease of 0.55% . 90 Octane also contracted by 0.01% week over week. 87 Octane and 90 Octane opened the year at J$97.32 and J$98.98 respectively. Petrojam’s price index for the pair as at June 21, 2017 reflected an average of J$111.41 and J$114.25 for 87 Octane and 90 Octane  respectively.

Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular and Brent Crude Oil 1 Year Price History

This Week in Petroleum:

U.S. exports of crude oil and petroleum products rising, but trends vary across products.

U.S. total crude oil and petroleum product exports more than doubled from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016. While exports of distillate, gasoline, propane, and crude oil have all contributed to the increase, growth rates and market drivers for each product have varied during this period (Figure 2).[1]

Figure 2: Monthly U.S. Petroleum Exports