June 18, 2020
Brent oil prices increased by 7.44% or US$2.87, as prices rose this week relative to the prior week. Oil traded on June 18, 2020 at a price of US$41.42 per barrel relative to US$38.55 on June 11, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.55% (JMD$3.00). Additionally, 90 Octane decreased by 2.61% or (JMD$3.00) 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$111.86 and J$114.70 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 June 15, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 6 cents from the previous week to $2.10 per gallon, 57 cents lower than the prior year.” The Gulf Coast price rose almost 10 cents to $1.78 per gallon, the East Coast price increased over 7 cents to $2.02 per gallon, the Rocky Mountain price climbed almost 6 cents to $2.23 per gallon, the West Coast price rose close to 5 cents to $2.68 per gallon, and the Midwest price increased nearly 4 cents to $2.03 per gallon.
The average diesel fuel price in the U.S. increased close to 1 cent to $2.40 per gallon relative to the previous week, and 67 cents lower when compared to the same period last year. The Midwest price rose almost 2 cents to $2.26 per gallon, the West Coast price increased more than 1 cent to $2.93 per gallon, the Gulf Coast price rose under 1 cent to remain at $2.17 per gallon, and the East Coast price was unchanged from the previous week at $2.50 per gallon. However, the Rocky Mountain price declined almost 1 cent, remaining at $2.35 per gallon.
Inventories for Propane/propylene increase
There was a increase in U.S. propane/propylene stocks last week by 2.7 million barrels to 69.0 million barrels as of June 12, 2020. This was 4.1 million barrels (6.3%) 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 all experienced increases by 1.3 million barrels, 0.7 million barrels, 0.4 million barrels, and 0.3 million barrels, respectively.
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