Brent oil prices increased by 5.01% or US$2.15, as prices rose this week relative to the prior week. Oil traded on August 6, 2020 at a price of US$45.09 per barrel relative to US$42.94 on July 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 1.54% (JMD$1.79). Additionally, 90 Octane decreased by 1.50% or (JMD$1.79) 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$114.75 and J$117.59 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
U.S. average regular gasoline price rise,diesel prices decrease
On August 3, 2020, it was noted that, “the U.S. average regular gasoline retail price rose less than 1 cent per gallon from the previous week to remain virtually unchanged at $2.18 per gallon on August 3, 51 cents lower than the same time last year.” The Gulf Coast price decreased almost 1 cent to $1.85 per gallon, the East Coast price increased more than 1 cent to $2.11 per gallon, the Rocky Mountain price increased almost 5 cents to $2.37 per gallon. Additionally, the West Coast price increased almost by 1 cent to $2.83 per gallon and the Midwest price decreased by 2 cents to $2.06 per gallon.
The average diesel fuel price in the U.S. decreased almost a cent to $2.42 per gallon, and 61 cents lower when compared to the same period last year. The Rocky Mountain increased less than 1 cent but remained at $2.34 per gallon since last week, the West Coast price increased by almost 1 cent to $2.96 per gallon, also Midwest and East Coast price fell less than a cent but remained relatively unchanged at $2.30 per gallon and $2.52 per gallon, respectively. The Gulf Coast price decreased close to 1 cent, but remained relatively unchanged at $2.18 per gallon as last week.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.3 million barrels to 86.7 million barrels as of July 31, 2020. This was 10.2 million barrels (13.4%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast and Midwest inventories experienced increases by 1.6 million barrels and 1.1 million barrels, respectively. East Coast inventories declined by 0.3 million barrels, however, Rocky Mountain/West Coast inventories declined slightly, but remained the same as last week.
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