Brent oil prices decreased by 1.65% or US$1.21, as prices fell this week. Oil traded on August 9, 2018 at a price of US$72.19 per barrel relative to US$73.40 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.25% (JMD$0.35). Additionally, 90 Octane decreased by 0.25% or (JMD$0.35) 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$137.16 and J$139.99 per litre respectively.
This Week in Petroleum
A reduction in U.S. Average regular gasoline and diesel prices
On August 6, 2018, “The U.S. average regular gasoline retail price increased less than one cent from the previous week to $2.85 per gallon, up 47 cents from the same time last year. The Midwest price rose less than one cent to $2.77 per gallon, the Gulf Coast and West Coast prices each decreased less than one cent to $2.59 per gallon and $3.34 per gallon, respectively. Rocky Mountain and East Coast prices increased over a penny to $2.92 per gallon and $2.80 per gallon, respectively.”
“The U.S. average diesel fuel price decreased less than a cent to $3.22 per gallon on August 6, 2018, higher than a year ago. The Midwest price fell nearly one cent to $3.15 per gallon, the West Coast, East Coast and Gulf Coast prices each decreased less than a penny, remaining unchanged at $3.72 per gallon, $3.22 per gallon and $3.00 per gallon, respectively. Rocky Mountain prices were unchanged at $3.36 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 0.1 million barrels to 66.4 million barrels as of August 3, 2018. This was 9.3 million barrels (12.2%) lower than the five-year average inventory level year over year. Gulf Coast inventories increased by 0.3 million barrels and Rocky Mountain/West Coast inventories rose slightly, remaining unchanged. Midwest and East Coast inventories decreased by 0.2 million barrels and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 4.3% of total propane/propylene inventories.
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