April 9, 2020
Brent oil prices increased by 12.69% or US$3.80, as prices rose this week relative to the prior week. Oil traded on April 09, 2020 at a price of US$33.74 per barrel relative to US$29.94 on April 02, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices marginally increased this week by 0.0003% (JMD$0.0003). Additionally, 90 Octane decreased by 0.02% or (JMD$0.0204) 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$119.70 and J$122.54 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
On April 06, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 8 cents from the previous week to $1.92 per gallon, 82 cents lower than the prior year.” The Midwest and Gulf Coast prices each decreased almost 11 cents to $1.63 per gallon and $1.66 per gallon, respectively, the Rocky Mountain price declined close to 10 cents to $2.01 per gallon, the West Coast price fell almost 8 cents to $2.68 per gallon, whereas the East Coast price declined nearly 6 cents to $1.92 per gallon.
The average diesel fuel price in the U.S. decreased close to 4 cents to $2.55 per gallon relative to the previous week, and 55 cents lower when compared to the same period last year. The Rocky Mountain price declined by more than 5 cents to $2.54 per gallon, while the West Coast, East Coast, Midwest, and Gulf Coast prices each decreased by almost 4 cents to $3.09 per gallon, $2.63 per gallon, $2.39 per gallon, and $2.33 per gallon, respectively.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 0.2 million barrels to 64.5 million barrels as of April 03, 2020. This was 13.8 million barrels (27.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast, Rocky Mountain/West Coast, and Midwest inventories experienced decreases by 0.6 million barrels, 0.2 million barrels, and 0.1 million barrels respectively. However, East Coast inventories rose by 0.7 million barrels. Propylene non-fuel-use inventories represented 8.5% of total propane/propylene inventories.
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