Brent oil prices decreased by 6.32% or US$4.93, as prices fell this week. Oil traded on July 12, 2018 at a price of $73.13 per barrel relative to US$78.06 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.61% (JMD$0.83). Additionally 90 Octane increased by 0.60% or (JMD$0.83) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$135.86 and J$138.70 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
A reduction in U.S. Average regular gasoline and diesel prices
“On July 9, 2018, U.S. average regular gasoline retail price rose to 2.86 per gallon, almost 1 cent, up 56 cents from the similar time interval last year. Midwest prices increased nearly two cents to $2.78 per gallon whilst East Coast rose one cent to $2.78 per gallon and Gulf Coast prices stood at $2.62 per gallon. West Coast prices declined at about two cents to $3.39 per gallon, and Rocky Mountain prices decreased nearly two cents to $2.96 per gallon.”
“The U.S. average diesel fuel price increased from last week to $3.24 per gallon on July 9, 2018 by less than a cent. Gulf Coast prices went up nearly two cents to $3.00 per gallon, Midwest prices rose nearly one cent to $3.18 per gallon, East Coast prices increased nearly two cents to $3.24 per gallon. In addition, West Coast and Rocky Mountain prices each climbed to $3.75 per gallon and $3.37 per gallon, respectively.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 2.4 million barrels to 63.6 million barrels as of July 6, 2018. This was 6.4 million barrels (9.2%) lower than the five-year average inventory level year over year. Both Golf Coast and Midwest increased by 1.2 million barrels, while Rocky Mountain/West Coast advanced by 0.2 million barrels. However, East Coast inventories decreased by 0.2 million barrels. Propylene non-fuel-use inventories represented 3.7% of total propane/propylene inventories.
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