Brent oil prices decreased by 9.10% or US$4.01, as prices rose this week relative to the prior week. Oil traded on September 10, 2020 at a price of US$40.06 per barrel relative to US$44.07 on September 3, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.52% (JMD$3.00). Additionally, 90 Octane decreased by 2.46% or (JMD$3.00) 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$116.01 and J$118.85 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 and diesel prices decreases
On September 7, 2020, it was noted that, “the U.S. average regular gasoline retail price decreased by more than 1 cent from the previous week to $2.21 per gallon on September 7, 34 cents lower than the same time last year.” The East Coast price rose 1 cent to $2.17 per gallon and the Gulf Coast price rose almost by a cent but remained unchanged at $1.89 per gallon. The Midwest price fell almost 6 cents to $2.07 per gallon. However, the West Coast price and Rocky Mountain remained relatively unchanged at $2.86 per gallon and $2.35 per gallon, respectively.
The average diesel fuel price in the U.S. declined by almost a cent, remaining unchanged at $2.44 per gallon as at last week, and 54 cents lower when compared to the same period last year. The Midwest, Rocky, Mountain and East Coast price declined by less than 1 cent to $2.32 per gallon, $2.96 per gallon and $2.51 per gallon, respectively. Moreover, the Gulf Coast price decreased almost by 1 cent to $2.18 per gallon.
Inventories for Propane/propylene increase
There was a rise in U.S. propane/propylene stocks last week by 2.2 million barrels to 97.4 million barrels as of September 4, 2020. This was 10.3 million barrels (11.9%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast, Gulf Coast, Midwest and Rocky Mountain/West Coast inventories rose by 1.0 million barrels, 0.4 million barrels, 0.6 million barrels and 0.2 million barrels, respectively.
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