Brent oil prices increased by 1.28% or US$0.85, as prices increased this week relative to the prior week. Oil traded on March 14, 2019 at a price of US$67.15 per barrel relative to US$66.30 on March 7th, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 1.15% (JMD$1.46). Additionally, 90 Octane decreased by 1.12% or (JMD$1.46) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$128.53 and $131.37 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 nearly 5 cents from the previous week to $2.47 per gallon on March 11, down nearly 9 cents from the same time last year. The Midwest price increased over 7 cents to $2.40 per gallon, the East Coast price increased nearly 5 cents to $2.43 per gallon, the Rocky Mountain price increased over 4 cents to $2.25 per gallon, the Gulf Coast price increased nearly 4 cents to $2.22 per gallon, and the West Coast price increased over 3 cents to $2.98 per gallon.”
“The U.S. average diesel fuel price rose less than 1 cent from the previous week, remaining at $3.08 per gallon on March 11, over 10 cents higher than a year ago. The Gulf Coast price increased by over 1 cent to $2.88 per gallon, the East Coast price increased less than 1 cent, remaining at $3.12 per gallon, and the West Coast price increased less than 1 cent to $3.51 per gallon. The Midwest price fell less than 1 cent, remaining at $3.01 per gallon. The Rocky Mountain price remained unchanged at $2.94 per gallon.”
Inventories for Propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 1.2 million barrels to 50.2 million barrels as of March 8, 2019 this was 50.2 million barrels (11.3%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, East Coast, and Rocky Mountain/West Coast inventories decreased by 1.3 million barrels, 0.8 million barrels, and 0.3 million barrels respectively. Gulf Coast inventories increased by 1.2 million barrels. Propylene non-fuel-use inventories represented 12.7% of total propane/propylene inventories.
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