Brent oil prices decreased by 0.33% or US$0.20, as prices decreased this week relative to the prior week. Oil traded on January 31, 2019 at a price of US$62.42 per barrel relative to US$61.13 on January 24, 2019. Brent oil began the year at US$53.80 per barrel.
87 Octane prices decreased this week by 1.54% (JMD$1.83). Additionally, 90 Octane decreased by 1.51% or (JMD$1.83) this week. 87 Octane and 90 Octane opened the year at J$118.57 and J$121.41 respectively and now trades at J$116.74 and J$119.57 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 and diesel price is unchanged
On January 28, 2019, it was noted that, “the U.S. average regular gasoline retail price increased less than 1 cent from the previous week to $2.26 per gallon; this represents a decrease of 35 cents from the same time last year. Additionally, the Gulf Coast price rose nearly 5 cents to $1.96 per gallon, the Midwest price went up over 1 cent to $2.05 per gallon, and the East Coast price rose nearly 1 cent to $2.25 per gallon. The Rocky Mountain price declined four cents to $2.23 per gallon, and the West Coast price decreased nearly 3 cents to $2.93 per gallon.
“The U.S. average diesel fuel price showed no sign of movement at $2.97 per gallon on January 28, 2019. This averages out to nearly 11 cents lower than a year ago. The Rocky Mountain price went down over 3 cents to $2.91 per gallon, the West Coast price fell nearly 2 cents to $3.45 per gallon and the Midwest and Gulf Coast prices each declined slightly, remaining at $2.81 per gallon and $2.79 per gallon, respectively. Whereas, the East Coast price climbed over 1 cent to $3.05 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 3.6 million barrels to 60.2 million barrels as of January 25, 2019 This was 0.1 million barrels (0.1%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, the Midwest, Gulf Coast, and East Coast inventories decreased by 1.6 million barrels, 1.2 million barrels, and 0.8 million barrels, respectively. In Conjunction, The Rocky Mountain inventories decreased slightly, while West Coast inventories remain unchanged. Propylene non-fuel-use inventories represented 9.7% of total propane/propylene inventories.
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