Brent oil prices increased by 0.64% or US$0.42, as prices increased this week relative to the prior week. Oil traded on March 7, 2019 at a price of US$66.45 per barrel relative to US$66.03 on February 28th, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 0.16% (JMD$0.20). Additionally, 90 Octane decreased by 0.15% or (JMD$1.58) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$127.07 and 129.91 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 increase
On February 21, 2019, it was noted that, “The U.S. average regular gasoline retail price rose more than 3 cents from the previous week to $2.42 per gallon on March 4, down 14 cents from the same time last year. The Gulf Coast price increased nearly 7 cents to $2.18 per gallon, the East Coast price increased nearly 4 cents to $2.39 per gallon, the Midwest price increased over 2 cents to $2.33 per gallon, the Rocky Mountain price increased nearly 2 cents to $2.21 per gallon, and the West Coast price increased over 1 cent to $2.95 per gallon.”
“The U.S. average diesel fuel price rose nearly 3 cents from the previous week to $3.08 per gallon on March 4, 8 cents higher than a year ago. The Midwest price increased nearly 5 cents to $3.01 per gallon, the East Coast and Rocky Mountain prices each increased nearly 3 cents to $3.12 per gallon and $2.94 per gallon, respectively, the Gulf Coast price increased more than 2 cents to $2.87 per gallon, and the West Coast price increased 1 cent to $3.50 per gallon..”
Inventories for Propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 2 million barrels to 51.4 million barrels as of March 7, 2019 this was 51.4 million barrels (10.9%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, and East Coast decreased by 1.8 million barrels and 0.7 million barrels respectively. Gulf Coast inventories increased by 0.4 million barrels and Rocky Mountain/West Coast inventories rose slightly, remaining virtually unchanged. Propylene non-fuel-use inventories represented 12.8% of total propane/propylene inventories.
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