Brent oil prices decreased by 0.08% or US$0.05, as prices fell this week relative to the prior week. Oil traded on January 24, 2019 at a price of US$61.13 per barrel relative to US$61.18 on January 17, 2019. Brent oil began the year at US$53.80 per barrel.
87 Octane prices increased week over week, by 0.90% (JMD$1.06). Additionally, 90 Octane increased by 0.88% or (JMD$1.06) 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$118.57 and J$121.41 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 price increases, diesel price decreases
On January 21, 2019, “The U.S. average regular gasoline retail price rose below one cent from the previous week to remain at $2.25 per gallon, down thirty-two cents per gallon from the corresponding period of last year. Rocky Mountain prices fell over to three cents to $2.27 per gallon, West Coast prices fell over two cents to $2.96 per gallon, and Midwest prices went down almost one cent to $2.04 per gallon. East Coast prices climbed almost three cents to $2.24 per gallon and Gulf Coast prices increase less than one cent, remaining unchanged at $1.91.”
“The U.S. average diesel fuel price dipped over one cent from last week to $2.97 per gallon on January 21, 2019, six cents lower than last year. Rocky Mountain prices declined more than four cents to $2.94 per gallon, Midwest prices fell almost two cents to $2.81 per gallon, and East Coast prices decreased nearly one cent to $3.04 per gallon while West Coast prices went down one cent to $3.46 per gallon. Gulf Coast rose less than a cent, remaining at $2.79 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 3.7 million barrels to 63.8 million barrels as of January 18, 2019 This was 0.1 million barrels (0.1%) higher than the five-year (2014-2018) average inventory level year over year. Gulf Coast, Midwest and Rocky Mountain/West Coast inventories fell by 2.1 million barrels, 1.2 million barrels and 0.6 million barrels, respectively. While, East Coast inventories went up by 0.1 million barrels. Propylene non-fuel-use inventories reflected an 8.9% of total propane/propylene inventories.
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