Brent oil prices decreased by 1.63 % or US$1.27, as prices fell this week. Oil traded on June 7, 2018 at a price of $76.45 per barrel relative to US$77.72 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.47% (JMD$0.62). Additionally 90 Octane declined by 0.46% or (JMD$0.62) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$132.33 and J$135.17 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
Reduction in U.S. average regular gasoline and diesel prices
“The U.S. average regular gasoline retail price went down 2 cents from last week to $2.94 per gallon on June 4, 2018. This increased by 53 cents compared to the same time last year. Prices within the Midwest and East declined over three cents each to $2.85 per gallon and $2.88 per gallon, respectively, and West Coast prices inched down, remaining at $3.46 per gallon. Rocky Mountain and Gulf Coast prices each increased less than a penny to $3.00 per gallon and $2.73 per gallon, respectively.”
“The U.S. average diesel fuel price went down by less than a penny,72 cents higher than a year ago, flat at $3.29 per gallon on June 4, 2018. For prices in Midwest and East Coast each fell nearly one cent to $3.22 per gallon and $3.28 per gallon, respectively, while West Coast prices were remained the same at $3.78 per gallon. Rocky Mountain prices increased nearly one cent to $3.36 per gallon and Gulf Coast prices increased slightly to $3.06 per gallon.”
Propane/propylene inventories rise
“U.S. propane/propylene stocks went up by 4.0 million barrels last week to 47.1 million barrels as of June 1, 2018, 12.0 million barrels (20.3%) lower than the five-year average inventory level for this same time of year. Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories inched up by 2.8 million barrels, 1.6 million barrels, and 0.2 million barrels, respectively, while East Coast inventories decreased by 0.6 million barrels. Propylene non-fuel-use inventories represented 6.3% of total propane/propylene inventories.”
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