Brent oil prices increased by 4.41% or US$1.81, as prices rose this week relative to the prior week. Oil traded on July 2, 2020 at a price of US$42.86 per barrel relative to US$41.05 on June 25, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.09% (JMD$2.36). Additionally, 90 Octane decreased by 2.04% or (JMD$2.36) 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$110.53 and J$113.37 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 29, 2020, it was noted that, “the U.S. average regular gasoline retail price rose more nearly 5 cents per gallon from the previous week to $2.17 per gallon on June 29, 54 cents lower than the same time last year.” The Gulf Coast price rose almost 6 cents to $1.87 per gallon, the East Coast price increased nearly 4 cents to $2.09 per gallon, the Rocky Mountain price climbed more than 4 cents to $2.32 per gallon, the West Coast price increased over 3 cents to $2.75 per gallon, and the Midwest price increased greater than 5 cents to $2.11 per gallon.
The average diesel fuel price in the U.S. increased nearly 1 cent, which seems nearly unchanged at $2.43 per gallon relative to the previous week, and 61 cents lower when compared to the same period last year. The Midwest price climbed 1 cent to $2.30 per gallon, the West Coast price increased less than 1 cent remaining at $2.95 per gallon, while the Gulf Coast price decreased less than 1 cent to close at $2.19 per gallon. Additionally, the East Coast price increased nearly by 1 cent, remaining relatively unchanged at $2.52 per gallon. However, the Rocky Mountain price fell 1 cent to $2.34 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 3.3 million barrels to 74.6 million barrels as of June 26, 2020. This was 4.9 million barrels (7.0%) 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 0.6 million barrels, 0.8 million barrels, 1.4 million barrels, 0.4 million barrels, respectively.
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