December 05, 2019
Brent oil prices decreased by 0.75% or US$0.48, as prices decreased this week relative to the prior week. Oil traded on December 5, 2019 at a price of US$63.39 per barrel relative to US$63.87 on November 28, 2019. Brent oil began the year at US$55.95 per barrel.
87 Octane prices decreased this week by 2.36% (JMD$3.06). Additionally, 90 Octane decreased by 2.31% or (JMD$3.06) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.78 and J$129.62 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 and diesel prices increase
On December 2, 2019, it was noted that, “The U.S. average regular gasoline retail price fell less than 1 cent from the previous week to $2.58 per gallon, 12 cents higher the same time last year. The West Coast price dropped over 6 cents to $3.41 per gallon, the Gulf Coast price decreased more than 1 cent to $2.23 per gallon, and the Rocky Mountain price declined almost 1 cent to $2.82 per gallon. Midwest price, however, increased by more than 2 cents to $2.42 per gallon, and the East Coast price inched up by almost 2 cent to $2.48 per gallon.”
“The U.S. average diesel fuel price went up by under 1 cent to $3.07 per gallon on December 2, 14 cents lower than the same time last year. The Midwest price increased greater than 1 cent to $2.98 per gallon, the East Coast price inched up almost 1 cent to $3.06 per gallon, and the Gulf Coast price increased by less than 1 cent to remain at $2.78 per gallon. The West Coast price declined nearly 2 cents to $3.70 per gallon and the Rocky Mountain price decreased almost 1 cent to $3.24 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 1.7 million barrels to 91.8 million barrels as of November 29, 2019. This was 4.1 million barrels (4.6%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Midwest, East Coast, and Gulf Coast inventories decreased by 0.8 million barrels, 0.7 million barrels, and 0.4 million barrels respectively. Rocky Mountain/West Coast inventories rose by 0.2 million barrels. Propylene non-fuel-use inventories represented 5.8% of total propane/propylene inventories.
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