February 20, 2020
Brent oil prices increased by 5.27% or US$2.97, as prices rose this week relative to the prior week. Oil traded on February 20, 2020 at a price of US$59.31 per barrel relative to US$56.34 on February 13, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.45% (JMD$3.06). Additionally, 90 Octane increased by 2.40% or (JMD$3.06) 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$127.74 and J$130.58 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 17, 2020, it was noted that “the U.S. average regular gasoline retail price rose almost 1 cent from the previous week to $2.43 per gallon, 11 cents higher than the prior year. Moreover, The Midwest price increased nearly 5 cents to $2.31 per gallon. The Rocky Mountain price decreased over 3 cents to $2.47 per gallon, the West Coast price inched down 1 cent to $3.14 per gallon, the East Coast price fell almost 1 cent to $2.36 per gallon, whereas, the Gulf Coast price fell under 1 cent to $2.08 per gallon.
The average diesel fuel price in the U.S. decreased by 2 cents to $2.89 per gallon relative to the previous week, and 12 cents lower when compared to the same period last year. The Rocky Mountain price fell close to 4 cents to $2.86 per gallon, the East Coast price declined over 2 cents to $2.94 per gallon, while the Midwest price and Gulf Coast both experienced a decrease of almost 2 cents to $2.76 per gallon and $2.66 per gallon, respectively. Whereas, West Coast price declined over 1 cent to $3.47 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 3.0 million barrels to 74.3 million barrels as of February 14, 2020. This was 18.4 million barrels (32.9%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Midwest, Gulf Coast, East Coast, and Rocky Mountain/West Coast inventories experienced decreases by 1.1 million barrels, 1.0 million barrels, 0.6 million barrels, and 0.4 million barrels, respectively. Propylene non-fuel-use inventories represented 7.5% of total propane/propylene inventories.
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