Brent oil prices increased by 2.13% or US$1.30, as prices increased this week relative to the prior week. Oil traded on February 07, 2019 at a price of US$62.19 per barrel relative to US$60.89 on January 31, 2019. Brent oil began the year at US$53.80 per barrel.
87 Octane prices increased this week by 2.42% (JMD$2.82). Additionally, 90 Octane increased by 2.36% or (JMD$2.82) this week. 87 Octane and 90 Octane opened the year at J$118.57 and J$121.41 respectively and now trades at J$119.56 and J$122.40 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 price increases, diesel price increases slightly
On February 04, 2019, it was noted that, “the U.S. average regular gasoline retail price decreased less than one cent from the previous week to $2.25 per gallon; this represents a reduction of 38 cents from the same time last year. Additionally, the Rocky Mountain prices fell almost six cents to $2.18 per gallon, Gulf Coast prices fell close to three cents to $1.93 per gallon, West Coast prices declined nearly two cents to $2.91 per gallon while East Coast fell less than a cent to $2.24 per gallon.”
“The U.S. average diesel fuel price rose slightly, remaining unchanged at $2.97 per gallon on February 4, which was 12 cents lower than a year ago. Midwest prices climbed more than three cents to $2.84 per gallon. Whereas, Rocky Mountain prices dropped almost three cents to $2.88 per gallon, West Coast and East Coast each fell over one cent to $3.44 per gallon and $3.04 per gallon, respectively. Gulf Coast prices decreased by one cent to $2.78 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 2.6 million barrels to 57.5 million barrels as of February 01, 2019 This was 1.3 million barrels (2.4%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories declined by 1.1 million barrels and 1.0 million barrels, respectively. East Coast and Rocky Mountain/West Coast inventories each decreased by 0.3 million barrels. Propylene non-fuel-use inventories represented 10% of total propane/propylene inventories.
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