Brent oil prices increased by 4.94% or US$3.50, as prices rose this week. Oil traded on August 23, 2018 at a price of US$74.36 per barrel relative to US$70.86 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.08% (JMD$0.11). Additionally, 90 Octane decreased by 0.08% or (JMD$0.11) 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$136.75 and J$139.59 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 20, 2018, “The U.S. average regular gasoline retail price decreased two cents from the previous week to $2.82 per gallon, up 46 cents from the same time last year. East Coast prices decreased nearly three cents to $2.78 per gallon. West Coast prices decreased over two cents to $3.31 per gallon and Midwest and Gulf Coast prices each fell nearly two cents to $2.73 per gallon and $2.57 per gallon. Rocky Mountain prices rose nearly two cents to $2.96 per gallon.”
“The U.S. average diesel fuel price decreased less than a cent to $3.21 per gallon on August 20, 2018, 61 cents higher than a year ago. East Coast prices fell over one cent to $3.21 per gallon, Midwest prices decreased by one cent to $3.13 per gallon, Rocky Mountain and Gulf Coast prices each fell nearly one cent to $3.35 per gallon and $2.98 per gallon, respectively. West Coast prices decreased less than a cent, remaining unchanged at $3.71 per gallon.”
Inventories for Propane/propylene increasing
There was a decrease in U.S. propane/propylene stocks last week by .9 million barrels to 68.8 million barrels as of August 17, 2018. This was 10.1 million barrels (12.8%) lower than the five-year average inventory level year over year. Gulf Coast and Rocky Mountain/West Coast inventories decreased by 1.7 million barrels and 0.1 million barrels, respectively. Midwest and East Coast inventories increased by 0.7 million barrels and 0.2 million barrels, respectively. Propylene non-fuel-use inventories represented 4.5% of total propane/propylene inventories.
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