Brent oil prices increased by 1.25% or US$0.54, as prices rose this week relative to the prior week. Oil traded on July 23, 2020 at a price of US$43.91 per barrel relative to US$43.37 on July 16, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 0.07% (JMD$0.08). Additionally, 90 Octane decreased by 0.07% or (JMD$0.08) 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$114.04 and J$116.88 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 20, 2020, it was noted that, “the U.S. average regular gasoline retail price fell nearly 1 cent per gallon from the previous week to $2.19 per gallon on July 20, 56 cents lower than the same time last year.” The Gulf Coast price increased almost 1 cent to $1.88 per gallon, the East Coast price fell close to 1 cent but remained at $2.11 per gallon, the Rocky Mountain price decreased almost 1 cent to $2.32 per gallon. However, the West Coast price increased almost by 2 cents to $2.82 per gallon, and the Midwest price decreased by greater than 3 cents to $2.09 per gallon.
The average diesel fuel price in the U.S. decreased almost a cent to $2.43 per gallon, and 61 cents lower when compared to the same period last year. The Midwest price declined less than 1 cent but remained at $2.31 per gallon, the West Coast price remained unchanged at $2.95 per gallon, also the Gulf Coast price remained unchanged at $2.20 per gallon as at last week and the East Coast price decreased over 1 cent to close at $2.52 per gallon as at last week. Similarly, the Rocky Mountain price declined less than 1 cent close at $2.34 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.0 million barrels to 82.4 million barrels as of July 17, 2020. This was 8.5 million barrels (11.5%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast, Gulf Coast, Midwest and, Rocky Mountain/West Coast inventories experienced increases by 0.4 million barrels, 0.6 million and barrels, 0.9 million barrels and 0.2 million barrels, respectively.
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