January 09, 2020
Brent oil prices decreased by 1.48% or US$0.98, as prices fell this week relative to the prior week. Oil traded on January 09, 2020 at a price of US$65.27 per barrel relative to US$66.25 on January 02, 2020. Brent oil opened 2020 year at US$66.41 per barrel.
87 Octane prices decreased this week by 2.40% (JMD$3.06). Additionally, 90 Octane decreased by 2.35% 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$124.21 and J$127.05 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 and diesel prices increase
On January 6, 2020, it was noted that, “the U.S. average regular gasoline retail price rose almost 1 cent from the previous week to $2.58 per gallon, 34 cents higher than the prior year. The East Coast price increased by almost 4 cents to $2.54 per gallon. However, the Rocky Mountain price decreased greater than 2 cents to $2.64 per gallon, the Midwest price declined almost 2 cents to $2.43 per gallon, the West Coast price decreased more than 1 cent to $3.21 per gallon, and the Gulf Coast price declined close to 1 cent, remaining relatively unchanged at $2.28 per gallon.”
The average diesel fuel price in the U.S. went up 1 cent to $3.08 per gallon relative to the previous week, and 7 cents greater when compared to the same period last year. “The East Coast price experienced an increase of over 2 cents to $3.12 per gallon, and the Gulf Coast price climbed 2 cents to $2.83 per gallon. Moreover, the Rocky Mountain price went down over 1 cent to $3.10 per gallon, the West Coast price declined almost 1 cent to $3.62 per gallon, and the Midwest price fell under 1 cent, remaining relatively constant at $2.98 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 88.9 million barrels as of January 3, 2020. This was 12.5 million barrels (16.3%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast and East Coast inventories experienced an increase of 1.2 million barrels and 0.4 million barrels, respectively. Midwest and Rocky Mountain/West Coast inventories fell by 0.6 million barrels and 0.3 million barrels, respectively. Propylene non-fuel-use inventories represented 6.9% of total propane/propylene inventories.
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