Brent oil prices increased by 8.54% or US$3.42, as prices rose this week relative to the prior week. Oil traded on September 17, 2020 at a price of US$43.48 per barrel relative to US$40.06 on September 10, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.64% (JMD$3.06). Additionally, 90 Octane decreased by 2.57% or (JMD$3.06) 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$112.95 and J$115.79 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 decrease
On September 14, 2020, it was noted that, “the U.S. average regular gasoline retail price decreased by nearly 3 cents from the previous week to $2.18 per gallon on September 14, 37 cents lower than the same time last year.” The East Coast price declined by 3 cents to $2.14 per gallon and the Gulf Coast price declined over by 3 cents to $1.86 per gallon. The Midwest price fell almost 4 cents to $2.03 per gallon. However, the Rocky Mountain price decreased by almost 2 cents to $2.33 per gallon and the West Coast price fell less than a cent but remained unchanged at $2.86 per gallon.
The average diesel fuel price in the U.S. declined by greater than a cent to $2.42 per gallon as at last week, and 57 cents lower when compared to the same period last year. The Midwest, Gulf Coast and East Coast price declined by more than 1 cent to $2.31 per gallon, $2.17 per gallon and $2.50 per gallon, respectively. Moreover, the Rocky Mountain price decreased by 1 cent to $2.37 per gallon and the West Coast price declined almost 1 cent but remained at $2.96 per gallon.
Inventories for Propane/propylene decrease
There was fall in U.S. propane/propylene stocks last week by 1.2 million barrels to 96.1 million barrels as of September 11, 2020. This was 8.2 million barrels (9.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast and Gulf Coast inventories decreased by 0.1 million barrels and 2.0 million barrels, respectively. Midwest inventories increased 0.9 million barrels and Rocky Mountain/ West Coast inventories increased slightly but remained nearly unchanged.
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