Brent oil prices increased by 3.03% or US$2.19, as prices increased this week. Oil traded on July 26, 2018 at a price of $74.51 per barrel relative to US$72.32 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.21% (JMD$0.28). Additionally, 90 Octane decreased by 0.20% or (JMD$0.28) 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$134.91 and J$137.75 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 23, 2018, “The U.S. average regular gasoline retail price decreased over 3 cents from the previous week to $2.83 per gallon, up 52 cents from the same time last year. The Midwest price fell nearly six cents to $2.74 per gallon, the Gulf Coast price decreased three cents to $2.57 per gallon, the East Coast price fell over two cents to $2.78 per gallon, and the West Coast and Rocky Mountain prices each decreased two cents to $3.36 per gallon and $2.93 per gallon, respectively.”
“The U.S. average diesel fuel price decreased 2 cents to $3.22 per gallon on July 23, 2018, up 71 cents from a year ago. The Midwest price fell three cents to $3.14 per gallon, the West Coast price decreased over two cents to $3.72 per gallon, the East Coast price decreased nearly two cents to $3.22 per gallon, the Gulf Coast price fell by a penny to $2.99 per gallon, and the Rocky Mountain price dipped slightly, remaining virtually unchanged at $3.37 per gallon.”
Inventories for Propane/propylene increasing
There was a decrease in U.S. propane/propylene stocks last week by 0.8 million barrels to 64.3 million barrels as of July 20, 2018. This was 8.7 million barrels (11.9%) lower than the five-year average inventory level year over year. East Coast, Midwest and Gulf Coast inventories decreased by 0.4 million barrels and 0.3 million barrels and 0.1 million barrels, respectively. While Rocky Mountain/West Coast dipped slightly remaining unchanged. Propylene non-fuel-use inventories represented 4.2% of total propane/propylene inventories.
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