Date: January 10, 2019
Brent oil prices increased by 9.12% or US$5.10, as prices climbed this week relative to the prior week. Oil traded on January 10, 2019 at a price of US$61.05 per barrel relative to US$55.95 on January 3, 2019. Brent oil began the year at US$53.80 per barrel.
87 Octane prices increased week over week, by 0.41% (JMD$0.48). Additionally, 90 Octane increased by 0.40% or (JMD$0.48) week over week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$117.23 and J$120.07 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular and Brent Crude Oil 1 Year Price History
This Week in Petroleum
U.S. average regular gasoline and diesel prices decrease
On January 07, 2019, “The U.S. average regular gasoline retail price declined almost three cents from the previous week to $2.24 per gallon, down nearly twenty-nine cents per gallon from the corresponding period of last year. Rocky Mountain prices fell close to six cents to $2.37 per gallon, West Coast and Gulf Coast prices each declined four cents to $3.01 per gallon and $1.89 per gallon, respectively. Whereas, East Coast prices decreased almost four cents to $2.22 per gallon and Midwest prices fell lower than a cent to $2.00 per gallon.”
“The U.S. average diesel fuel price dipped four cents to $3.01 per gallon on January 07, 2019, two cents higher than last year. Rocky Mountain prices declined nearly five cents to $3.03 per gallon, East Coast prices fell over four cents to $3.07 per gallon and Midwest prices decreased almost four cents to $2.87 per gallon. West Coast prices fell more than three cents to $3.53 per gallon while Gulf Coast prices fell two cents to $2.82 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 1.9 million barrels to 68.7 million barrels as of January 04, 2019 This was 2.4 million barrels (3.4%) lower than the five-year (2014-2018) average inventory level year over year. Gulf Coast, Midwest and East Coast inventories decreased by 1.0 million barrels, 0.6 million barrels and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories declined slightly, remaining unchanged. Propylene non-fuel-use inventories reflected a 7.4% of total propane/propylene inventories.
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