Brent oil prices increased by 2.05% or US$1.03, as prices increased this week relative to the prior week. Oil traded on December 17, 2020 at a price of US$51.28 per barrel relative to US$50.25 on December 11, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 1.38% (JMD$1.48). Additionally, 90 Octane increased by 1.34% or (JMD$1.48) 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$108.89 and J$111.73 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 increases
On December 14, 2020, it was noted that, “the U.S. average regular gasoline retail price increased less than 1 cent, remaining virtually unchanged at $2.16 per gallon on December 14, 38 cents lower than the same time last year.” The East Coast price increased almost by 1 cent but remained unchanged at $2.14 per gallon, the Gulf Coast price increased almost by 1 cent but remained relatively unchanged at $1.84 per gallon. The Midwest price increased almost 1 cent but also remained at $2.01 per gallon and the West Coast price was relatively unchanged at $2.77 per gallon after experiencing a marginal decrease. Meanwhile the Rocky Mountain price remained at $2.17 per gallon after decreasing by less than 1 cent.
The average diesel fuel price in the U.S. rose by more than 3 cents to $2.56 per gallon as at last week, and 49 cents lower when compared to the same period last year. The Gulf Coast price climbed greater than 3 cents to $2.31 per gallon, Midwest price increased more than 4 cents to $2.48 per gallon and East Coast price rose more than 3 cents to $2.60 per gallon. The Rocky Mountain price rose almost by 2 cents to $2.56 per gallon and West Coast prices increased less than 3 cent to $3.07 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 3.7 million barrels to 83.9 million barrels as of December 11, 2020. This was 2.6 million barrels (3.2%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Gulf Coast, Midwest, Rocky Mountain/West Coast inventories decreased by 2.3 million barrels, 1.7 million barrels, and 0.1 million barrels, respectively. East Coast inventories rose by 0.4 million barrels.
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