January 23, 2020
Brent oil prices decreased by 4.12% or US$2.66, as prices fell this week relative to the prior week. Oil traded on January 23, 2020 at a price of US$61.95 per barrel relative to US$64.61 on January 16, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 1.25% (JMD$1.52). Additionally, 90 Octane decreased by 1.23% or (JMD$1.52) 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$122.73 and J$125.57 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 decrease
On January 20, 2020, it was noted that, “the U.S. average regular gasoline retail price declined over 3 cents from the previous week to $2.54 per gallon, 29 cents higher than the prior year. The Midwest price decreased by more than 5 cents to $2.39 per gallon. Moreover, the Gulf Coast price decreased almost 5 cents to $2.23 per gallon, the Rocky Mountain price also experienced a decline by over 3 cents to $2.57 per gallon, the East Coast price fell more than 2 cents to $2.50 per gallon, while the West Coast price inched down almost 2 cents to $3.18 per gallon.
The average diesel fuel price in the U.S. decreased 3 cents to $3.04 per gallon relative to the previous week, and 7 cents greater when compared to the same period last year. “The Rocky Mountain price experienced a decrease of almost 6 cents to $3.01 per gallon. Likewise, the East Coast price fell about 4 cents to $3.08 per gallon, the Gulf Coast price declined over 1 cent to $2.80 per gallon, the Midwest price dropped close to 3 cents to $2.94 per gallon, and the West Coast price decreased almost 2 cents to $3.57 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 1.4 million barrels to 86.5 million barrels as of January 17, 2020. This was 17.1 million barrels (24.6%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Midwest, East Coast, Gulf Coast, and Rocky Mountain/West Coast inventories all experienced decreases by 0.7 million barrels, 0.4 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 6.9% of total propane/propylene inventories.
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