Brent oil prices decreased by 0.33% or US$0.15, as prices declined this week relative to the prior week. Oil traded on August 13, 2020 at a price of US$44.94 per barrel relative to US$45.09 on August 6, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 1.06% (JMD$1.22). Additionally, 90 Octane increased by 1.04% or (JMD$1.22) 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$115.97 and J$118.81 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 price fell, diesel prices inrease
On August 10, 2020, it was noted that, “the U.S. average regular gasoline retail price fell 1 cent per gallon from the previous week to $2.17 per gallon on August 10, 46 cents lower than the same time last year.” The Gulf Coast price decreased more than 3 cents to $1.81 per gallon, the East Coast price decreased more than 1 cent to $2.09 per gallon, the Rocky Mountain price decreased by almost 1 cent but remained relatively unchanged at $2.37 per gallon. Additionally, the West Coast price decreased almost by 1 cent but remained relatively unchanged at $2.83 per gallon and the Midwest price increased less than a cent but also remained unchanged at $2.06 per gallon.
The average diesel fuel price in the U.S. increased almost a cent to $2.43 per gallon, and 58 cents lower when compared to the same period last year. The Rocky Mountain price increased almost by 3 cents to $2.37 per gallon, the West Coast price remained at $2.96 per gallon and Midwest price rose less than a cent to $2.31 per gallon. The Gulf Coast price increased close to 1 cent but remained relatively unchanged at $2.18 per gallon. However, East Coast price decreased less than a cent to $2.51 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.6 million barrels to 89.3 million barrels as of August 7, 2020. This was 10.2 million barrels (12.9%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast, Rocky Mountain/West Coast and Midwest inventories experienced increases by 1.4 million barrels, 0.2 million barrels and 1.3 million barrels, respectively. However, East Coast inventories declined by 0.3 million barrels.
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