Date: June 27, 2019
Brent oil prices increased by 1.63% or US$1.05, as prices increased this week relative to the prior week. Oil traded on June 27, 2019 at a price of US$65.50 per barrel relative to US$64.45 on June 20, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 2.43% (JMD$2.99). Additionally, 90 Octane increased by 2.37% or (JMD$2.99) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$126.15 and J$132.08 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
U.S. average regular gasoline and diesel prices decline
On June 24, 2019, it was noted that, “The U.S. average regular gasoline retail price dropped 2 cents from the previous week to $2.65 per gallon, almost 18 cents lower the same time last year. The West Cost price fell more than 6 cents to $3.39 per gallon, the Rocky Mountain price declined over 4 cents to $2.87 per gallon while the Gulf Coast price dropped almost 4 cents to $2.30 per gallon and the East Coast price fell nearly 2 cents to $2.54 per gallon. In addition, the Midwest price increased more than 2 cents to $2.56 per gallon.”
“The U.S. average diesel fuel price went down 3 cents to $3.04 per gallon on June 24, 17 cents lower than the same time last year. The Rocky Mountain price decreased over 4 cents to $3.03 per gallon, the West Coast price fell almost 4 cents to $3.63 per gallon, the Midwest price declined over 3 cents to $2.93 per gallon and the Gulf Coast and East Coast prices both dropped 2 cents to $2.80 per gallon and $3.08 per gallon, respectively.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.4 million barrels to 75.9 million barrels as of June 21, 2019. This was 9.5 million barrels (14.3%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest and Gulf Coast inventories increased by 1.5 million barrels and 0.6 million barrels, respectively. Whereas, Rocky Mountain/West Coast inventories rose slightly, remaining unchanged. However, East Coast inventories declined by 0.7 million barrels. Propylene non-fuel-use inventories represented 6.5% of total propane/propylene inventories.
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