Brent oil prices decrease by 3.14% or US$1.36, as prices decline this week relative to the prior week. Oil traded on September 24, 2020 at a price of US$41.94 per barrel relative to US$43.30 on September 17, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.22% (JMD$0.25). Additionally, 90 Octane increased by 0.22% or (JMD$0.25) 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$113.20 and J$116.04 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 21, 2020, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 2 cents from the previous week to $2.17 per gallon on September 21, 49 cents lower than the same time last year.” The East Coast price declined more than 2 cents to $2.11 per gallon and the Gulf Coast price declined almost by 2 cent to $1.84 per gallon. The Midwest price increased almost by a cent by remains nearly unchanged at $2.03 per gallon. However, the Rocky Mountain price decreased almost by 2 cents to $2.31 per gallon and the West Coast price fell 2 cents to $2.84 per gallon.
The average diesel fuel price in the U.S. declined almost 2 cents to $2.40 per gallon as at last week, and 68 cents lower when compared to the same period last year. The Midwest price declined almost 3 cents to $2.28 per gallon, the Rocky Mountain price declined 2 cents to $2.35 per gallon and the Gulf Coast price declined almost by 2 cents to $2.16 per gallon. Moreover, the West Coast and East Coast price each decreased greater than 1 cent to $2.94 per gallon and $2.49 per gallon, respectively.
Inventories for Propane/propylene increases
There was fall in U.S. propane/propylene stocks last week by 1.7 million barrels to 97.9 million barrels as of September 18, 2020. This was 10.2 million barrels (11.7%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast,Gulf Coast, Midwest and Mountain/ West Coast inventories increased and by 0.5 million barrels, 0.9 million barrels, 0.1 million barrels and 0.2 million barrels, respectively.
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