June 4, 2020
Brent oil prices increased by 11.62 % or US$4.10, as prices rose this week relative to the prior week. Oil traded on June 04, 2020 at a price of US$39.39 per barrel relative to US$35.29 on May 28, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.61% (JMD$3.06). Additionally, 90 Octane decreased by 2.54% or (JMD$3.06) 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$114.61 and J$117.45 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 decrease
On June 1, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 1 cent from the previous week to $1.97 per gallon, 83 cents lower than the prior year.” The Rocky Mountain price increased more than 10 cents to $2.09 per gallon, the West Coast price increased almost 3 cents to $2.58 per gallon, the Gulf Coast price climbed more than 2 cents to $1.62 per gallon, and the East Coast and Midwest prices each increased close to 1 cent, remaining relatively unchanged at $1.91 per gallon, and $1.89 per gallon, respectively.
The average diesel fuel price in the U.S. decreased less than 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 75 cents lower when compared to the same period last year. The Rocky Mountain and East Coast prices each decreased close to 1 cent to $2.34 per gallon and $2.49 per gallon, respectively, the Gulf Coast price decreased less than 1 cent to $2.17 per gallon, and the West Coast and Midwest prices also declined less than 1 cent, but remained relatively unchanged at $2.90 per gallon and $2.23 per gallon, respectively.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 3.1 million barrels to 67.3 million barrels as of May 29, 2020. This was 7.2 million barrels (12.0%) 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 1.8 million barrels, 0.9 million barrels, and 0.3 million barrels, respectively. East coast inventories declined slightly, remaining relatively unchanged.
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