Brent oil prices increased by 4.23% or US$2.72, as prices increased this week relative to the prior week. Oil traded on February 21, 2019 at a price of US$67.06 per barrel relative to US$64.34 on February 21, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 2.51% (JMD$3.07). Additionally, 90 Octane increased by 2.45% or (JMD$3.07) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$125.49 and J$128.33 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 and diesel prices increase
On February 21, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 4 cents from the previous week to $2.32 per gallon on February 18, down 24 cents from the same time last year. Gulf Coast prices increased nearly 9 cents to $2.05 per gallon, Midwest prices rose nearly 6 cents to $2.21 per gallon, East Coast prices increased more than 3 cents to $2.27 per gallon, Rocky Mountain prices rose nearly 2 cents to $2.18 per gallon, and West Coast prices increased less than a cent, remaining virtually unchanged at $2.92 per gallon.”
“The U.S. average diesel fuel price increased 4 cents to $3.01 per gallon on February 18, 2 cents lower than a year ago. Midwest prices rose nearly 6 cents to $2.90 per gallon, East Coast prices increased more than 4 cents to $3.07 per gallon, Gulf Coast prices increased more than 3 cents to $2.81 per gallon, West Coast prices rose more than 2 cents to $3.46 per gallon, and Rocky Mountain prices rose nearly 2 cents to $2.89 per gallon.”
Inventories for Propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 3.6 million barrels to 54.6 million barrels as of February 15, 2019 this was 44.3 million barrels (8.5%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Gulf Coast inventories and Rocky Mountain/West Coast decreased by 1.8 million barrels, 1.7 million barrels, and 0.1 barrels respectively. East coast inventories decreased slightly, remaining virtually unchanged. Propylene non-fuel-use inventories represented 11.8% of total propane/propylene inventories.
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