Date: July 11, 2019
Brent oil prices increased by 5.67% or US$3.59, as prices increased this week relative to the prior week. Oil traded on July 11, 2019 at a price of US$66.89 per barrel relative to US$63.30 on July 04, 2019. Brent oil began the year at US$53.80 per barrel.
87 Octane prices increased this week by 2.14% (JMD$2.77). Additionally, 90 Octane increased by 2.10% or (JMD$2.77) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$131.98 and J$134.82 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 and diesel prices increase
On July 10, 2019, it was noted that, “The U.S. average regular gasoline retail price rose 3 cents from the previous week to $2.74 per gallon, almost 11 cents lower the same time last year. The Gulf Coast price climbed 5 cents to $2.42 per gallon, and the Midwest and East Coast prices each increased almost 4 cents to $2.67 per gallon and $2.66 per gallon, respectively. The Rocky Mountain price dropped nearly 3 cents to $2.80 per gallon, and the West Coast price fell almost 1 cent to $3.38 per gallon.”
“The U.S. average diesel fuel price went up 1 cent to $3.06 per gallon on July 8, 19 cents lower than the same time last year. The Midwest piece increased more than 4 cents to $2.97 per gallon, and the East Coast and the Gulf Coast prices each rose lower than 1 cent, remaining at $3.08 per gallon and $2.98 per gallon, respectively. The Rocky Mountain price dropped almost 2 cents to $2.98 per gallon, and the West Coast price declined less than 1 cent to $3.62 per gallon.”
Inventories for Propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 0.2 million barrels to 76.9 million barrels as of July 05, 2019. This was 5.7 million barrels (7.9%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories declined by 0.4 million barrels and 0.2 million barrels, respectively. While, Rocky Mountain/West Coast inventories declined slightly, remaining unchanged. Whereas, East Coast inventories climbed by 0.4 million barrels. Propylene non-fuel-use inventories represented 6.0% of total propane/propylene inventories.
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