Brent oil prices increased by 4.61% or US$3.43, as prices rose this week. Oil traded on August 30, 2018 at a price of US$77.79 per barrel relative to US$74.36 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices increased week over week, by 1.08% (JMD$1.48). Additionally, 90 Octane increased by 1.08% or (JMD$1.48) 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$138.23 and J$141.07 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 27, 2018, “The U.S. average regular gasoline retail price increased nearly one cent from the previous week to $2.83 per gallon, up 43 cents from the same time last year. Rocky Mountain and Midwest prices each rose three cents to $2.99 per gallon and $2.76 per gallon, respectively. West Coast and Gulf Coast prices each increased less than a cent, remaining unchanged at $3.31 per gallon and $2.57 per gallon, respectively. East Coast prices each fell over one cent to $2.76 per gallon.”
“The U.S. average diesel fuel price increased nearly two cents to $3.23 per gallon on August 27, 2018, 62 cents higher than a year ago. Midwest and Gulf Coast prices each increased over two cents to $3.15 per gallon and $3.00 per gallon, respectively. Rocky Mountain prices rose nearly two cents to $3.36 per gallon. West Coast and East Coast prices each increased over a cent to $3.72 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 2.6 million barrels to 71.4 million barrels as of August 24, 2018. This was 9.0 million barrels (11.2%) lower than the five-year average inventory level year over year. Gulf Coast and East Coast inventories increased by 1.4 million barrels and 0.7 million barrels, respectively. Midwest and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels. Propylene non-fuel-use inventories represented 4.4% of total propane/propylene inventories.
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