Brent oil prices increased by 3.77% or US$2.53, as prices increased this week relative to the prior week. Oil traded on April 04, 2019 at a price of US$69.72 per barrel relative to US$67.82 on March 28, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 0.12% (JMD$0.16). Additionally, 90 Octane increased by 0.34% or (JMD$0.46) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$131.18 and J$134.02 per litre 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. average regular gasoline and diesel prices increase
On April 01, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 7 cents from the previous week to $2.69 per gallon, down almost 1 cent from the same time last year. West Coast prices increased nearly 12 cents to $3.27 per gallon, the Rocky Mountain and Gulf Coast prices increased nearly 7 cents to $2.47 per gallon and $2.45 per gallon, respectively. Midwest prices rose over 6 cents to $2.63 per gallon, and the East Coast prices increased more than 5 cents to $2.62 per gallon.”
“The U.S. average diesel fuel price went down less than 1 cent to $3.08 per gallon on April 01, almost 4 cents higher than a year ago. The East Coast and Midwest prices each fell almost 1 cent to $3.13 per gallon and $2.98 per gallon, respectively, while the Gulf Coast price fell under 1 cent to $2.87 per gallon. The Rocky Mountain price increased over 3 cents to $3.01 per gallon and the West Coast price increased almost 2 cents to $3.54 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.6 million barrels to 53.2 million barrels as of March 29, 2019. This was 8.3 million barrels (18.4%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast and Midwest inventories rose by 1.6 million barrels and 0.1 million barrels, respectively. East Coast inventories declined by 0.1 million barrels, and Rocky Mountain/West Coast inventories fell slightly, remaining unchanged. Propylene non-fuel-use inventories represented 11.8% of total propane/propylene inventories.
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