December 12, 2019
Brent oil prices increased by 1.45% or US$0.92, as prices increased this week relative to the prior week. Oil traded on December 12, 2019 at a price of US$64.31 per barrel relative to US$63.39 on December 05, 2019. Brent oil began the year at US$55.95 per barrel.
87 Octane prices increased this week by 0.07% (JMD$0.09). Additionally, 90 Octane increased by 0.07% or (JMD$0.09) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.87 and J$129.71 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 decrease
On December 9, 2019, it was noted that, “The U.S. average regular gasoline retail price fell greater than 1 cent from the previous week to $2.56 per gallon, 14 cents higher the same time last year. The West Coast price dropped 7 cents to $3.34 per gallon, the Gulf Coast price decreased over 2 cents to $2.20 per gallon, and the Rocky Mountain price declined almost 3 cents to $2.79 per gallon. Midwest and the East Coast price remained unchanged at $2.42 per gallon and $2.48 per gallon respectively.”
“The U.S. average diesel fuel price went down by over 2 cents to $3.05 per gallon on December 9, 11 cents lower than the same time last year. The West Coast price decreased nearly 6 cents to $3.65 per gallon, the Rocky Mountain price decreased by over 3 cents to $3.21 per gallon and the Gulf Coast price decreased by 2 cents to at $2.76 per gallon. The Midwest price declined nearly 2 cents to $2.97 per gallon and the East Coast price fell by almost 1 cent to $3.05 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.7 million barrels to 93.5 million barrels as of December 6, 2019. This was 7.4 million barrels (8.6%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Gulf Coast and Rocky Mountain inventories rose by 3.3 million barrels and 0.1 million barrels respectively. Midwest and East Coast inventories fell by 1.1 million barrels and 0.6 million barrels, respectively. Propylene non-fuel-use inventories represented 5.8% of total propane/propylene inventories.
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