February 13, 2020
Brent oil prices increased by 2.55% or US$1.40, as prices fell this week relative to the prior week. Oil traded on February 13, 2020 at a price of US$56.33 per barrel relative to US$54.93 on January 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.45% (JMD$2.98). Additionally, 90 Octane increased by 2.39% or (JMD$2.98) 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$124.68 and J$127.52 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 February 10, 2020, it was noted that “the U.S. average regular gasoline retail price declined almost 4 cents from the previous week to $2.42 per gallon, 14 cents higher than the prior year. Moreover, The Midwest price fell over 5 cents to $2.26 per gallon, the Gulf Coast price fell close to 5 cents to $2.09 per gallon, the East Coast price fell over 2 cents to $2.37 per gallon, the Rocky Mountain price fell almost 2 cents to $2.51 per gallon, while the West Coast price inched down 1 cent to $3.15 per gallon.
The average diesel fuel price in the U.S. decreased by almost 5 cents to $2.91 per gallon relative to the previous week, and 6 cents lower when compared to the same period last year. “The Midwest price experienced a decrease of over 6 cents to $2.78 per gallon, the Rocky Mountain price fell close to 5 cents to $2.90 per gallon, the East Coast price declined over 4 cents to $2.96 per gallon. Whereas, the Gulf Coast and West Coast prices both declined almost 4 cents to $2.68 per gallon and $3.48 per gallon, respectively.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 6.2 million barrels to 77.3 million barrels as of February 7, 2020. This was 17.9 million barrels (30.2%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast, East Coast, Midwest, and Rocky Mountain/West Coast inventories experienced decreases by 4.3 million barrels, 0.9 million barrels, 0.8 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 7.1% of total propane/propylene inventories.
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