Brent oil prices decreased by 0.13% or US$0.06, as prices declined this week relative to the prior week. Oil traded on August 20, 2020 at a price of US$44.90 per barrel relative to US$44.96 on August 13, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.10% (JMD$2.43). Additionally, 90 Octane increased by 2.05% or (JMD$2.43) this week. 87 Octane and 90 Octane opened the year 2020 at J$127.27 and J$130.11 respectively and now trades at J$118.40 and J$121.24 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
This Week in Petroleum
U.S. average regular gasoline price steady, diesel prices decrease
On August 17, 2020, it was noted that, “The U.S. average regular gasoline retail price was unchanged from the previous week at $2.17 per gallon on August 17, 43 cents lower than the same time last year.” The Gulf Coast price increased almost 4 cents to $1.85 per gallon, the East Coast price decreased almost by 1 cent, however, remained at $2.09 per gallon, the Rocky Mountain price decreased more than 2 cents to $2.34 per gallon. Additionally, the West Coast price increased almost by 1 cent but remained unchanged at $2.83 per gallon and the Midwest price decreased less than a cent to $2.05 per gallon.
The average diesel fuel price in the U.S. decreased less than a cent but remain unchanged at $2.43 per gallon as at last week, and 57 cents lower when compared to the same period last year. The Rocky Mountain price decreased almost by 1 cent but remained unchanged at $2.37 per gallon as at last week, the West Coast price remained at $2.96 per gallon and Midwest price also remained at $2.31 per gallon. The Gulf Coast price decreased close to 1 cent, but remained relatively unchanged at $2.18 per gallon as last week. Similarly, East Coast price decreased less than a cent but remained at $2.51 per gallon.
Inventories for Propane/propylene decrease
There was a slight decrease in U.S. propane/propylene stocks last week, however, it remained unchanged at 89.3 million barrels as of August 14, 2020. This was 8.3 million barrels (10.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast and East Coast inventories experienced a decrease by 0.4 million barrels and 0.3 million barrels, respectively. However, Rocky Mountain/West Coast and Midwest inventories rose by 0.1 million barrels and 0.4 million barrels, respectively.
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