Brent oil prices decreased by 2.02% or US$0.87, as prices declined this week relative to the prior week. Oil traded on July 9, 2020 at a price of US$42.27 per barrel relative to US$43.14 on July 2, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.65% (JMD$2.93). Additionally, 90 Octane increased by 2.58% or (JMD$2.93) 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$113.46 and J$116.30 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 increase
On July 6, 2020, it was noted that, “the U.S. average regular gasoline retail price rose less than 1 cent per gallon from the previous week to $2.18 per gallon on July 6, 57 cents lower than the same time last year.” The Gulf Coast price declined more than 1 cent to $1.86 per gallon, the East Coast price increased more than 1 cent to $2.10 per gallon, the Rocky Mountain price climbed 1 cent to $2.33 per gallon, the West Coast price increased over 1 cent to $2.77 per gallon, and the Midwest price decreased less than 1 cent to $2.10 per gallon.
The average diesel fuel price in the U.S. increased nearly 1 cent to $2.44 per gallon relative to the previous week, and 62 cents lower when compared to the same period last year. The Midwest price climbed close to 1 cent to $2.31 per gallon, the West Coast price increased more than 1 cent to $2.96 per gallon, while the Gulf Coast price increased 1 cent to close at $2.20 per gallon and the East Coast price increased less than 1 cent, to close at $2.53 per gallon. Similarly, the Rocky Mountain price increased less than a cent to $2.35 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.2 million barrels to 76.8 million barrels as of July 3, 2020. This was 5.3 million barrels (7.5%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast, Gulf Coast and Midwest inventories experienced increases by 0.1 million barrels, 1.2 million and barrels, 0.8 million barrels, respectively. However, Rocky Mountain/West Coast inventories experienced a slight increase, remaining nearly unchanged.
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