Brent oil prices increased by 0.65% or US$0.28, as prices rose this week relative to the prior week. Oil traded on July 30, 2020 at a price of US$43.59 per barrel relative to US$43.31 on July 23, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 2.19% (JMD$2.50). Additionally, 90 Octane increased by 2.14% or (JMD$2.50) 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$116.54 and J$119.38 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 27, 2020, it was noted that, “the U.S. average regular gasoline retail price fell more than 1 cent per gallon from the previous week to $2.18 per gallon on July 27, 54 cents lower than the same time last year.” The Gulf Coast price decreased almost 2 cents to $1.86 per gallon, the East Coast price declined more than 1 cent to $2.09 per gallon, the Rocky Mountain price increased less than 1 cent but remain virtually unchanged at $2.32 per gallon. Similarly, the West Coast price increased almost by 1 cent but remain at $2.82 per gallon like last week, and the Midwest price decreased by nearly 2 cents to $2.08 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 to $2.30 per gallon, the West Coast price remain unchanged at $2.95 per gallon, also Rocky Mountain and East Coast price fell less than a cent but remain unchanged at $2.34 per gallon and $2.52 per gallon, as at last week, respectively. The Gulf Coast price decreased less than 2 cents, to close at $2.18 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 84.4 million barrels as of July 24, 2020. This was 9.2 million barrels (12.2%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast, Midwest and, Rocky Mountain/West Coast inventories experienced increases by 0.8 million barrels, 1.0 million and barrels, and 0.3 million barrels, respectively. However, East Coast inventories declined by 0.1 million barrels.
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