April 23, 2020
Brent oil prices decreased by 19.95% or US$5.55, as prices fell this week relative to the prior week. Oil traded on April 23, 2020 at a price of US$22.27 per barrel relative to US$27.82 on April 16, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.56% (JMD$3.06). Additionally, 90 Octane decreased by 2.50% or (JMD$3.06) 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$116.67 and J$119.51 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
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U.S. average regular gasoline and diesel prices decrease
On April 20, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 4 cents from the previous week to $1.81 per gallon, almost $1.03 lower than the prior year.” The West Coast price decreased almost 7 cents to $2.52 per gallon, the Rocky Mountain price declined close to 6 cents to $1.87 per gallon, the Midwest price fell over 4 cents to $1.51 per gallon, whereas, the East Coast and Gulf Coast prices each decreased more than 3 cents to $1.84 per gallon and $1.54 per gallon, respectively.
The average diesel fuel price in the U.S. decreased close to 3 cents to $2.48 per gallon relative to the previous week, and 67 cents lower when compared to the same period last year. The West Coast price declined by more than 5 cents to $2.97 per gallon, while the Rocky Mountain and Midwest prices each decreased by almost 3 cents to $2.47 per gallon and $2.33 per gallon, respectively. Whereas, the East Coast price declined more than 2 cents to $2.58 per gallon, and the Gulf Coast price fell close to 2 cents to $2.27 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 57.4 million barrels as of April 17, 2020. This was 8.6 million barrels (17.6%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast inventories rose by 0.9 million barrels, and Rocky Mountain/West Coast and Midwest inventories each increased by 0.2 million barrels. However, the Gulf Coast inventories declined by 0.6 million barrels. Notably, beginning with the data for week ending April 10, 2020, U.S. and regional stocks of propylene reported by EIA include only barrels of propylene held at refineries; barrels of propylene held at bulk terminals are excluded.
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