December 19, 2019
Brent oil prices increased by 3.44% or US$2.21, as prices increased this week relative to the prior week. Oil traded on December 19, 2019 at a price of US$66.41 per barrel relative to US$64.20 on December 12, 2019. Brent oil began the year at US$55.95 per barrel.
87 Octane prices increased this week by 0.06% (JMD$0.07). Additionally, 90 Octane increased by 0.05% or (JMD$0.07) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.94 and J$129.78 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 16, 2019, it was noted that, “The U.S. average regular gasoline retail price fell almost 3 cents from the previous week to $2.54 per gallon, 17 cents higher the same time last year. The West Coast and Rocky Mountain prices each declined over 6 cents to $3.27 per gallon and $2.73 per gallon, respectively. The Midwest price dropped greater than 3 cents to $2.39 per gallon, while the East Coast price dropped 2 cents to $2.46 per gallon. The Gulf Coast price climbed nearly 3 cents to $2.23 per gallon.”
“The U.S. average diesel fuel price went down by less than a cent to remain at $3.05 per gallon on December 16, 8 cents lower than the same time last year. The Rocky Mountain price decreased nearly 5 cents to $3.16 per gallon, and the West Coast price decreased by over 3 cents to $3.62 per gallon. The East Coast, Midwest, and Gulf Coast prices each increased by less than 1 cent, remaining at $3.05 per gallon, $2.97 per gallon, and $2.76 per gallon, respectively.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 2.5 million barrels to 91.0 million barrels as of December 13, 2019. This was 7.4 million barrels (8.9%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Gulf Coast, East Coast, Midwest, and Rocky Mountain/West Coast inventories fell by 1.2 million barrels, 0.7 million barrels, 0.6 million barrels, and 0.1 million barrels respectively. Propylene non-fuel-use inventories represented 6.0% of total propane/propylene inventories.
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