Brent oil prices decreased by 1.84% or US$1.33, as prices fell this week. Oil traded on August 16, 2018 at a price of US$70.86 per barrel relative to US$72.19 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.22% (JMD$0.30). Additionally, 90 Octane decreased by 0.21% or (JMD$0.30) 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$136.86 and J$139.69 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 August 13, 2018, “The U.S. average regular gasoline retail price increased less than one cent from the previous week to $2.84 per gallon, up 46 cents from the same time last year. The Midwest price decreased by almost three cents to $2.75 per gallon. West Coast prices each decreased over one cent to $3.33 per gallon and Gulf Coast prices decreased less than a cent, remaining unchanged at $2.59 per gallon. Rocky Mountain prices rose two cents to $2.94 per gallon and East Coast prices increased slightly, remaining unchanged at $2.80 per gallon.”
“The U.S. average diesel fuel price decreased less than a cent to $3.22 per gallon on August 13, 2018, 62 cents higher than a year ago. The Midwest price fell over one cent to $3.14 per gallon, the Gulf Coast and West Coast prices each decreased by less than one cent to $2.99 per gallon and $3.71 per gallon, respectively. Rocky Mountain and East Coast prices each decreased less than a cent, remaining unchanged at $3.36 per gallon and $3.22 per gallon, respectively.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 3.4 million barrels to 69.8 million barrels as of August 10, 2018. This was 7.4 million barrels (9.6%) lower than the five-year average inventory level year over year. Gulf Coast, Midwest, East Coast and Rocky Mountain/West Coast inventories increased by 1.9 million barrels, 0.8 million barrels, 0.7 million barrels and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 4.2% of total propane/propylene inventories.
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