January 30, 2020
Brent Oil
Brent oil prices decreased by 8.22% or US$5.10, as prices fell this week relative to the prior week. Oil traded on January 30, 2020 at a price of US$56.94 per barrel relative to US$62.04 on January 23, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
Petrojam prices
87 Octane prices decreased this week by 0.80% (JMD$0.98). Additionally, 90 Octane decreased by 0.78% or (JMD$0.98) 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$121.75 and J$124.59 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 27, 2020, it was noted that, “the U.S. average regular gasoline retail price declined over 3 cents from the previous week to $2.51 per gallon, 25 cents higher than the prior year. Moreover, the East Coast price decreased almost 5 cents to $2.45 per gallon, the Gulf Coast price also experienced a decline by nearly 4 cents to $2.20 per gallon, the Rocky Mountain price fell more than 2 cents to $2.55 per gallon, while the Midwest price inched down almost 2 cents to $2.37 per gallon. The West Coast price decreased by more than 1 cent to $3.17 per gallon.
The average diesel fuel price in the U.S. decreased almost 3 cents to $3.01 per gallon relative to the previous week, and 5 cents greater when compared to the same period last year. “The Midwest price experienced a decrease of almost 4 cents to $2.90 per gallon. Likewise, the East Coast price fell about 3 cents to $3.05 per gallon, and the Rocky Mountain prices also declined nearly 3 cents to $2.98 per gallon. The Gulf Coast price declined over 2 cents to $2.77 per gallon, the West Coast price dropped close to 1 cent to $3.57 per gallon”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 3.6 million barrels to 82.9 million barrels as of January 24, 2020. This was 17.1 million barrels (26.0%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories all experienced decreases by 2.2 million barrels, 1.6 million barrels, and 0.4 million barrels respectively. Whereas, East Coast inventories rose by 0.5 million barrels. Propylene non-fuel-use inventories represented 6.8% of total propane/propylene inventories.
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