December 27, 2019
Brent oil prices increased by 2.07% or US$1.38, as prices increased this week relative to the prior week. Oil traded on December 26, 2019 at a price of US$67.92 per barrel relative to US$66.54 on December 19, 2019. Brent oil began the year at US$55.95 per barrel.
87 Octane prices increased this week by 0.20% (JMD$0.26). Additionally, 90 Octane increased by 0.20% or (JMD$0.26) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$127.20 and J$130.04 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 23, 2019, it was noted that, “The U.S. average regular gasoline retail price fell less than 1 cent from the previous week to $2.53 per gallon, 21 cents higher the same time last year. The West Coast price decreased by almost 5 cents to $3.23 per gallon, the Rocky Mountain price declined 4 cents to $2.69 per gallon, and the Gulf Coast price fell by over 1 cent to $2.22 per gallon. The Midwest price increased more than 1 cent to $2.40 per gallon, and the East Coast rose by nearly 1 cent, remaining at $2.46 per gallon.”
“The U.S. average diesel fuel price went down by almost 1 cent from the previous week, declining to $3.04 per gallon on December 23, 4 cents lower than the same time last year. The Rocky Mountain price decreased by over 3 cents to $3.13 per gallon, the West Coast price declined more than 2 cents to $3.59 per gallon, and the East Coast and Midwest prices fell by under 1 cent, remaining at $3.05 per gallon and $2.97 per gallon, respectively. The Gulf Coast price remained unchanged at $2.76 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 2.6 million barrels to 88.4 million barrels as of December 20, 2019. This was 6.6 million barrels (8.1%) higher than the five-year (2014-2018) average inventory levels year over year. Additionally, Gulf Coast, Rocky Mountain/West Coast, East Coast, and Midwest inventories decreased by 2.1 million barrels, 0.2 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 6.5% of total propane/propylene inventories.
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