Brent oil prices increased by 3.46% or US$2.15, as prices increased this week relative to the prior week. Oil traded on February 14, 2019 at a price of US$64.34 per barrel relative to US$55 on February 14th, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 2.39% (JMD$2.86). Additionally, 90 Octane increased by 2.34% or (JMD$2.86) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$122.42 and J$125.26 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 average regular gasoline price increases, diesel price remains unchanged
On February 14, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 2 cents from the previous week to $2.28 per gallon on February 11, down 33 cents from the same time last year. Midwest prices rose 7 cents to $2.15 per gallon, Gulf Coast prices increased nearly 3 cents to $1.96 per gallon, and West Coast prices rose nearly 1 cent to $2.92 per gallon. East Coast and Rocky Mountain prices each fell nearly 1 cent to $2.24 per gallon and $2.17 per gallon, respectively.”
“The U.S. average diesel fuel price remained at $2.97 per gallon on February 11, nearly 10 cents lower than a year ago. Midwest prices rose 1 cent to $2.85 per gallon. Rocky Mountain prices fell more than 1 cent to $2.87 per gallon, East Coast prices decreased nearly 1 cent to $3.03 per gallon, and Gulf Coast prices fell less than 1 cent, remaining virtually unchanged at $2.78 per gallon. West Coast prices were unchanged at $3.44 per gallon.”
Inventories for Propane/propylene rise
There was a increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 58.2 million barrels as of February 14, 2019 This was 4.9 million barrels (9.2%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories increased by 2.7 million barrels and 0.8 million barrels, respectively. Rocky Mountain/West Coast inventories decreased slightly, remaining virtually unchanged. Propylene non-fuel-use inventories represented 10.5% of total propane/propylene inventories.
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