May 28, 2020
Brent Oil
Brent oil prices decreased by 0.55% or US$0.20, as prices fell this week relative to the prior week. Oil traded on May 28, 2020 at a price of US$35.86 per barrel relative to US$36.06 on May 21, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
Petrojam prices
87 Octane prices increased this week by 0.21% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) 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$117.67 and J$120.51 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 May 25, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 8 cents from the previous week to $1.96 per gallon, $0.86 lower than the prior year.” The Rocky Mountain price increased more than 17 cents to $1.99 per gallon, the Midwest price climbed more than 10 cents to $1.89 per gallon, the West Coast and East prices each increased more than 7 cents to $2.55 per gallon and $1.91 per gallon, respectively, and the Gulf Coast price rose almost 6 cents to $1.60 per gallon.
The average diesel fuel price in the U.S. increased less than 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 76 cents lower when compared to the same period last year. The West Coast price increased close to 2 cents to $2.90 per gallon, the Rocky Mountain price climbed 1 cent to $2.35 per gallon, the East Coast price rose almost 1 cent to $2.50 per gallon, and the Midwest price increased slightly, remaining relatively unchanged at $2.23 per gallon. The Gulf Coast price stood unchanged at $2.18 per gallon
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.5 million barrels to 64.2 million barrels as of May 22, 2020. This was 7.4 million barrels (13.0%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Midwest, Rocky Mountain/West Coast, East Coast, and Gulf Coast inventories each experienced increases 1.0
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