Brent oil prices increased by 0.65%, as prices increased for the sixth consecutive week. Oil traded on August 9, 2017 at a price of 52.70 (US$/ barrel).
87 Octane prices increased week over week, by 0.74% . Additionally 90 Octane increased by 0.72% week over week. 87 Octane and 90 Octane opened the year at J$97.32 and J$98.98 respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular and Brent Crude Oil 1 Year Price History
This Week in Petroleum
Strong domestic and export demand is outpacing U.S. gasoline production, resulting in stock draws
Gasoline production by U.S. refiners and blenders is running near record levels over the first seven months of 2017, with four-week rolling average production well above its five-year average and close to the top of its five-year range. Despite growing domestic and foreign demand leading to draws from gasoline stocks over the past seven consecutive weeks, gasoline inventories also continue to remain above their five-year average levels.
Growth in U.S. gasoline production since March is the result of record-high refinery runs. For the week ending April 21, U.S. refinery runs exceeded 17.5 million barrels per day (b/d) for the first time since EIA began publishing the weekly data series in 1990. Refinery runs have since exceeded this threshold six additional times, reaching an all-time high of 17.8 million b/d the week ending on July 28.
Net production of finished motor gasoline (unadjusted refiner and blender net production of finished motor gasoline less use of fuel ethanol to isolate the petroleum component) averaged 9.3 million b/d for the week ending July 28 . This quantity is 70,000 b/d below the five-year high, but still more than 511,000 b/d above the five-year average.