Date: August 08, 2019
Brent oil prices decreased by 5.16% or US$3.12, as prices decreased this week relative to the prior week. Oil traded on August 08, 2019 at a price of US$57.38 per barrel relative to US$60.50 on August 01, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 2.27% (JMD$3.00). Additionally, 90 Octane decreased by 2.22% or (JMD$3.00) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.25 and J$132.09 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 decrease
On August 05, 2019, it was noted that, “The U.S. average regular gasoline retail price fell 3 cents from the previous week to $2.69 per gallon, almost 16 cents lower the same time last year. The Gulf Coast price dropped almost 4 cents to $2.39 per gallon, the East Coast price declined 3 cents to $2.60 per gallon, the Midwest price fell nearly 3 cents to $2.63 per gallon and the West Coast price decreased over 1 cent to $3.29 per gallon. In addition, the Rocky Mountain price fell almost 1 cent to $2.70 per gallon.”
“The U.S. average diesel fuel price went down 1 cent remaining at $3.03 per gallon on August 05, 19 cents lower than the same time last year. The Gulf Coast price dropped almost 1 cent, remaining at $2.79 per gallon, and the West Coast. East Coast and Rocky Mountain prices declined lower than 1 cent, remaining at $3.61 per gallon, $3.06 per gallon and $2.97 per gallon, respectively. The Midwest price went up less than 1 cent, remaining at $2.94 per gallon.”
Inventories for Propane/propylene decline
There was an increase in U.S. propane/propylene stocks last week by 2.9 million barrels to 83.3 million barrels as of August 02, 2019. This was 6.8 million barrels (8.8%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest and East Coast inventories increased by 2.0 million barrels, 0.5 million barrels and 0.4 million barrels, respectively. While, Rocky Mountain/West Coast inventories went up slightly, remaining unchanged. Propylene non-fuel-use inventories represented 4.9% of total propane/propylene inventories.
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