March 12, 2020
Brent oil prices decreased by 34.27% or US$17.13, as prices fell this week relative to the prior week. Oil traded on March 12, 2020 at a price of US$32.86 per barrel relative to US$49.99 on March 05, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.38% (JMD$3.04). Additionally, 90 Octane decreased by 2.33% or (JMD$3.04) 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$124.73 and J$127.57 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 March 9, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 4 cents from the previous week to $2.38 per gallon, 10 cent lower than the prior year.” The Midwest price decreased almost 7 cents to $2.23 per gallon, the East Coast price fell close to 5 cents to $2.30 per gallon, the Gulf Coast price declined over 5 cents to $2.06 per gallon, the Rocky Mountain price declined nearly 4 cents to $2.38 per gallon, while the West Coast price experienced a decrease of over 2 cent to $3.11 per gallon.
The average diesel fuel price in the U.S. decreased close to 4 cents to $2.81 per gallon relative to the previous week, and 27 cents lower when compared to the same period last year. The Gulf Coast price declined 5 cents to $2.58 per gallon, both the East Coast price and the Midwest price fell by almost 4 cents to $2.86 per gallon and $2.69 per gallon, respectively, and the West Coast and Rocky Mountain prices fell over 2 cents to $3.40 per gallon and $2.80 per gallon, respectively.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 2.9 million barrels to 67.0 million barrels as of March 6, 2020. This was 17.1 million barrels (34.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast and Midwest inventories each declined by 1.2 million barrels, and East Coast inventories fell by 0.6 million barrels. Rocky Mountain/West Coast inventories rose by 0.1 million barrels. Propylene non-fuel-use inventories represented 8.2% of total propane/propylene inventories.
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