Date: August 22, 2019
Brent oil prices increased by 3.31% or US$1.93, as prices increased this week relative to the prior week. Oil traded on August 22, 2019 at a price of US$60.16 per barrel relative to US$58.23 on August 15, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 0.74% (JMD$0.38). Additionally, 90 Octane increased by 0.29% or (JMD$0.38) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.57 and J$129.41 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 $2.60 per gallon, almost 22 cents lower the same time last year. The Gulf Coast price dropped almost 6 cents to $2.27 per gallon, the East Coast price declined 4 cents to $2.52 per gallon, the West Coast and Rocky Mountain prices each decreased nearly 2 cents to $3.24 per gallon and $2.67 per gallon, respectively and the Midwest price dropped close to 1 cent, remaining at $2.52 per gallon.”
“The U.S. average diesel fuel price went down 2 cent remaining at $2.99 per gallon on August 19, 21 cents lower than the same time last year. The Midwest price declined more than 2 cents to $2.90 per gallon, the West Coast and East Coast prices each dell almost 2 cents to $3.56 per gallon and $3.02 per gallon, respectively, the Gulf Coast price declined over cent to $2.75 per gallon, and the Rocky Mountain price fell below 1 cent, remaining at $2.94 per gallon.”
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 4.0 million barrels to 90.5 million barrels as of August 16, 2019. This was 10.2 million barrels (12.7%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest and Rocky Mountain/West Coast inventories increased 2.0 million barrels, 1.0 million barrels, 0.7 million barrels and 0.4 million barrels, respectively. Propylene non-fuel-use inventories represented 4.4% of total propane/propylene inventories.
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