August 27, 2020
Brent Oil
Brent oil prices increased by 0.65% or US$0.29, as prices rose this week relative to the prior week. Oil traded on August 27, 2020 at a price of US$45.19 per barrel relative to US$44.90 on August 20, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
Petrojam prices
87 Octane prices increased this week by 1.30% (JMD$1.54). Additionally, 90 Octane increased by 1.27% or (JMD$1.54) 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$119.94 and J$122.78 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 increases, diesel prices decrease
On August 24, 2020, it was noted that, “The U.S. average regular gasoline retail price increased by nearly 2 cents from the previous week to $2.18 per gallon on August 24, 39 cents lower than the same time last year.” The West Coast and Midwest prices each experienced increases of more than 2 cents to $2.86 per gallon and $2.07 per gallon, respectively. The Gulf Coast price rose almost 2 cents to $1.87 cents per gallon, the East Coast climbed 1 cent to $2.10 per gallon, and the Rocky Mountain price rose close to 1 cent to $2.35 per gallon.
The average diesel fuel price in the U.S. decreased less than a cent but remained unchanged at $2.43 per gallon as at last week, and 56 cents lower when compared to the same period last year. The Gulf Coast price decreased less than 1 cent to $2.17 per gallon, and the East Coast decreased below 1 cent, remaining relatively unchanged at $2.51 per gallon. The Midwest price stood at $2.31 per gallon. The West Coast and Rocky Mountain prices each experienced a rise of less than 1 cent, remaining unchanged at $2.96 per gallon and $2.37 per gallon, respectively.
Inventories for Propane/propylene increase
There was rise in U.S. propane/propylene stocks last week by 1.5 million barrels to 90.8 million barrels as of August 21, 2020. This was 7.5 million barrels (9.0%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally East Coast, Midwest, and Rocky Mountain/West Coast inventories rose by 0.8 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively. However, Gulf Coast inventories increased marginally, remaining virtually unchanged.
For additional information click the link below:
https://www.eia.gov/petroleum/weekly/
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.