February 27, 2020
Brent oil prices decreased by 14.15% or US$8.39, as prices fell this week relative to the prior week. Oil traded on February 27, 2020 at a price of US$50.92 per barrel relative to US$59.31 on February 20, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.39% (JMD$3.05). Additionally, 90 Octane increased by 2.34% or (JMD$3.05) 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$130.79 and J$133.63 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 increase and diesel prices decrease
On February 24, 2020, it was noted that “the U.S. average regular gasoline retail price rose almost 4 cents from the previous week to $2.47 per gallon, 8 cents higher than the prior year. Moreover, the Gulf Coast price increased almost 7 cents to $2.15 per gallon, the Midwest price rose nearly 5 cents to $2.36 per gallon, the East Coast price rose close to 4 cents to $2.40 per gallon, and the West Coast price rose less than 1 cent, remaining at $3.14 per gallon. Whereas, the Rocky Mountain price decreased more than 3 cents to $2.44 per gallon.
The average diesel fuel price in the U.S. decreased almost 1 cent to $2.88 per gallon relative to the previous week, and 17 cents lower when compared to the same period last year. The West Coast, East Coast, and Rocky Mountain prices each experienced a decrease close to 1 cent to $3.46 per gallon, $2.93 per gallon, and $2.85 per gallon, a respectively, and the Gulf Coast and Midwest prices each declined less than 1 cent to $2.65 per gallon and $2.76 per gallon, respectively.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 0.7 million barrels to 73.6 million barrels as of February 21, 2020. This was 19.3 million barrels (35.5%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Midwest inventories experienced a decrease by 1.0 million barrels. East Coast inventories increased by 0.2 million barrels, and Gulf Coast and Rocky Mountain/West inventories each increased by 0.1 million barrels Propylene non-fuel-use inventories represented 7.4% of total propane/propylene inventories.
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