Brent oil prices increased by 1% or US$0.48, as prices increase this week relative to the prior week. Oil traded on December 3, 2020 at a price of US$48.28 per barrel relative to US$47.80 on November 26, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 1.41% (JMD$1.50). Additionally, 90 Octane increased by 1.37% or (JMD$1.50) 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$108.07 and J$110.91 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 price and diesel prices increases
On November 30, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents to $2.12 per gallon on November 30, 46 cents lower than the same time last year.” The East Coast price increased greater than 3 cents to $2.11 per gallon, the Gulf Coast price increased almost to 2 cents to $1.79 per gallon. The Midwest price increased almost 1 cent to $1.95 per gallon, the West Coast price was relatively unchanged at $2.77 per gallon and the Rocky Mountain price rose by less than 1 cent but also remained at $2.18 per gallon.
The average diesel fuel price in the U.S. rose by 4 cents to $2.50 per gallon as at last week, and 57 cents lower when compared to the same period last year. West Coast prices increased greater than 3 cents to $3.04 per gallon. The Gulf Coast price climbed greater than 4 cents to $2.25 per gallon, Midwest price increased almost by 5 cents to $2.40 per gallon and East Coast price rose more than 3 cents to $2.54 per gallon. The Rocky Mountain price climbed almost by 3 cents to $2.54 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 0.8 million barrels to 91.7 million barrels as of November 27, 2020. This was 5.8 million barrels (6.8%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest, Gulf Coast and East Coast inventories declined by 0.1 million barrels, 0.6 million barrels and 0.3 million barrels. Rocky Mountain/West Coast inventories rose by 0.1 million barrels.
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