March 26, 2020
Brent oil prices decreased by 5.83% or US$1.66, as prices fell this week relative to the prior week. Oil traded on March 26, 2020 at a price of US$26.81 per barrel relative to US$28.47 on March 19, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 0.40% (JMD$0.50). Additionally, 90 Octane decreased by 0.39% or (JMD$0.50) 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$124.18 and J$127.02 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 23, 2020, it was noted that “the U.S. average regular gasoline retail price decreased almost 13 cents from the previous week to $2.12 per gallon, 50 cent lower than the prior year.” The Midwest price decreased over 16 cents to $1.87 per gallon, the West Coast price decreased almost 15 cents to $2.88 per gallon, the East Coast and Gulf Coast prices each fell close to 11 cents to $2.08 per gallon and $1.86 per gallon, respectively, and the Rocky Mountain price experienced a decline of more than 8 cents to $2.24 per gallon.
The average diesel fuel price in the U.S. decreased over 7 cents to $2.66 per gallon relative to the previous week, and 42 cents lower when compared to the same period last year. The Midwest price declined by more than 9 cents to $2.50 per gallon, the West Coast price decreased over to 7 cents to $3.25 per gallon, the East Coast and Gulf Coast prices each fell close to 7 cents to $2.72 per gallon and $2.44 per gallon, respectively, whereas, the Rocky Mountain price decreased more than 6 cents to $2.68 per gallon.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 1.8 million barrels to 65.9 million barrels as of March 20, 2020. This was 15.5 million barrels (31.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, East Coast, Gulf Coast and Rocky Mountain/West Coast inventories declined by 0.3 million, 1.3 million and 0.2 million barrels, respectively. However, Midwest inventories rose by 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 8.5% of total propane/propylene inventories.
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