Brent oil prices increased by 1.49% or US$0.65, as prices fell this week. Oil traded on August 2, 2018 at a price of $73.40 per barrel relative to US$74.51 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices increased week over week, by 1.93% (JMD$2.60). Additionally, 90 Octane increased by 1.89% or (JMD$2.60) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$137.51 and J$140.34 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
A reduction in U.S. Average regular gasoline and diesel prices
On July 30, 2018, “The U.S. average regular gasoline retail price increased nearly 2 cents from the previous week to $2.85 per gallon, up 49 cents from the same time last year. The Midwest price rose nearly three cents to $2.77 per gallon, the Gulf Coast price increased two cents to $2.59 per gallon, the East Coast price increased over a penny to $2.79 per gallon, and the West Coast and Rocky Mountain prices each decreased to $3.35 per gallon and $2.91 per gallon, respectively.”
“The U.S. average diesel fuel price increased a cent to $3.23 per gallon on July 30, 2018, up 70 cents from a year ago. The Midwest price rose over one penny to $3.16 per gallon, the West Coast price rose slightly, remaining unchanged at $3.72 per gallon, the East Coast price rose nearly one cent but remained at $3.22 per gallon, the Gulf Coast price increased less than one cent to $3.00 per gallon, and the Rocky Mountain price dipped nearly one cent to $3.36 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 1.8 million barrels to 66.3 million barrels as of July 27, 2018. This was 8.8 million barrels (11.7%) lower than the five-year average inventory level year over year. Rocky Mountain/West Coast, Midwest and Gulf Coast inventories increased by 0.2 million barrels and 1.5 million barrels and 0.2 million barrels, respectively. While, East Coast inventories decreased by 0.1 million barrels. Propylene non-fuel-use inventories represented 4.2% of total propane/propylene inventories.
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