January 16, 2020
Brent Oil
Brent oil prices decreased by 1.16% or US$0.76, as prices fell this week relative to the prior week. Oil traded on January 16, 2020 at a price of US$64.61 per barrel relative to US$65.37 on January 09, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
Petrojam prices
87 Octane prices decreased this week by 2.42% (JMD$3.00). Additionally, 90 Octane decreased by 2.36% or (JMD$3.00) 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$121.21 and J$124.05 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 decrease
Average regular gasoline retail price fell close to 1 cent this week compared to the previous week to $2.57 per gallon. This was notably 32 cents higher than the similar period last year. Prices in the West Coast dipped nearly 1 cent to $3.20 per gallon, and the Gulf Coast price fell less than 1 cent, remaining at $2.28 per gallon.
The average diesel fuel price in the U.S. decreased 2 cents to $3.06 per gallon relative to the previous week, and 9 cents greater when compared to the same period last year. According to U.S. Energy Information Administration (EIA), “The Rocky Mountain price experienced a decrease of almost 4 cents to $3.07 per gallon. Likewise, the West Coast price fell greater than 2 cents to $3.59 per gallon, the Gulf Coast price declined almost 2 cents to $2.81 per gallon, the Midwest price dropped more than 1 cent to $2.97 per gallon, and the East Coast price decreased close to 1 cent to $3.11 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 0.9 million barrels to 87.9 million barrels as of January 10, 2020. This was 15 million barrels (20.6%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast, East Coast and Midwest inventories experienced a decrease of 0.4 million barrels, 0.3 million barrels and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories were relatively unchanged. Propylene non-fuel-use inventories represented 7.0% of total propane/propylene inventories.
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