Brent oil prices increased by 8.14% or US$3.60, as prices increase this week relative to the prior week. Oil traded on November 26, 2020 at a price of US$47.80 per barrel relative to US$44.20 on November 19, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.40% (JMD$0.42). Additionally, 90 Octane increased by 0.39% or (JMD$0.42) 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$106.57 and J$109.41 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 decreases and diesel prices increases
On November 23, 2020, it was noted that, “the U.S. average regular gasoline retail price decreased nearly 1 cent to $2.10 per gallon on November 23, 48 cents lower than the same time last year.” The East Coast price decreased less than 1 cent but remains at $2.07 per gallon, the Gulf Coast price decreased 1 cent to $1.77 per gallon. The Midwest price decreased greater than 2 cents to $1.94 per gallon, the West Coast price was unchanged at $2.77 per gallon and the Rocky Mountain price decreased almost by 2 cent to $2.18 per gallon.
The average diesel fuel price in the U.S. increased greater than 2 cents to $2.46 per gallon as at last week, and 60 cents lower when compared to the same period last year. West Coast prices increased almost by 2 cents to $3.01 per gallon. The Gulf Coast price increased 3 cents to $2.21 per gallon, Midwest price increase by 2 cents to $2.36 per gallon and East Coast price increased almost by 2 cents to $2.51 per gallon. The Rocky Mountain price climbed almost by 3 cents to $2.52 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 0.3 million barrels to 92.6 million barrels as of November 20, 2020. This was 5.5 million barrels (6.4%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest, Gulf Coast and Rocky Mountain/West Coast inventories declined by 0.5 million barrels, 0.4 million barrels and 0.3 million barrels. East Coast inventories increased by 0.9 million barrels.
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