Brent oil prices decreased by 0.55% or US$0.33, as prices declined this week relative to the prior week. Oil traded on December 13, 2018 at a price of US$59.73 per barrel relative to US$60.26 last week. Brent oil began the year at US$66.57 per barrel.
87 Octane prices increased week over week, by 0.76% (JMD$0.94). Additionally, 90 Octane decreased by 0.74% or (JMD$0.74) 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$124.40 and J$127.24 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
U.S. average regular gasoline and diesel prices decrease
On December 10, 2018, “The U.S. average regular gasoline retail price declined three cents from the previous week to $2.42 per gallon, down more than six cents per gallon from the corresponding period of last year. West Coast prices dropped seven cents to $3.17 per gallon, Rocky Mountain prices fell over six cents to $2.66 per gallon, Gulf Coast prices decreased almost five cents to $2.07 per gallon, and East Coast declined nearly four cents to $2.38 per gallon. While, Midwest prices climbed over one cent to $2.21 per gallon.”
“The U.S. average diesel fuel price dipped almost five cents to $3.16 per gallon on December 10, 2018, 25 cents higher than last year. Gulf Coast prices declined almost six cents to $2.93 per gallon, Rocky Mountain and Midwest prices each fell over five cents to $3.24 per gallon and $3.07 per gallon, respectively. West Coast prices decreased more than four cents to $3.65 per gallon, and East Coast prices went down nearly four cents to $3.19 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 3.2 million barrels to 76.6 million barrels as of December 07, 2018 This was 4.7 million barrels (5.8%) lower than the five-year (2013-2017) average inventory level year over year. Gulf Coast, Midwest, Rocky Mountain/West Coast, and East Coast inventories decreased by 1.6 million, 0.8 million, 0.5 million and 0.3 million barrels, respectively. Propylene non-fuel-use inventories reflected a 5.8% of total propane/propylene inventories.
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