Brent oil prices increased by 2.61% or US$1.27, as prices increase this week relative to the prior week. Oil traded on December 11, 2020 at a price of US$49.98 per barrel relative to US$48.71 on December 3, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.61% (JMD$0.66). Additionally, 90 Octane increased by 0.60% or (JMD$0.66) 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$107.41 and J$110.25 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 and diesel prices increases
On December 07, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 4 cents to $2.16 per gallon on December 7, 41 cents lower than the same time last year.” The East Coast price increased greater than 3 cents to $2.14 per gallon, the Gulf Coast price increased almost by 5 cents to $1.84 per gallon. The Midwest price increased almost 6 cents to $2.01 per gallon, the West Coast price was relatively unchanged at $2.77 per gallon and the Rocky Mountain price decrease by less than 1 cent to $2.17 per gallon.
The average diesel fuel price in the U.S. rose by more than 2 cents to $2.53 per gallon as at last week, and 52 cents lower when compared to the same period last year. The Gulf Coast price climbed greater than 2 cents to $2.28 per gallon, Midwest price increased more than 3 cents to $2.44 per gallon and East Coast price rose more than 3 cents to $2.57 per gallon. The Rocky Mountain and West Coast prices increased less than 1 cent but remain virtually unchanged at $2.54 per gallon and $3.04 per gallon price.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 4.1 million barrels to 87.6 million barrels as of December 4, 2020. This was 3.4 million barrels (4.1%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Gulf Coast, East Coast, Rocky Mountain/West Coast inventories decreased by 3.1 million barrels, 0.7 million barrels, and 0.3 million barrels, respectively. Midwest inventories rose slightly, remaining virtually unchanged.
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