Brent oil prices decreased by 1% or US$0.67, as prices increased this week relative to the prior week. Oil traded on March 28, 2019 at a price of US$67.19 per barrel relative to US$67.86 on March 21st, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 1.96% (JMD$2.52). Additionally, 90 Octane increased by 1.71% or (JMD$2.25) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$131.02 and J$133.59 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 8 cents from the previous week to $2.62 per gallon on March 28th, down 3 cents from the same time last year. West Coast prices increased nearly 12 cents to $3.14 per gallon, Midwest prices rose nearly 9 cents to $2.56 per gallon, East Coast prices increased more than 3 cents to $2.27 per gallon, Rocky Mountain and Gulf Coast prices rose nearly 8 cents to $2.40 per gallon and $2.38 per gallon respectively. East Coast prices increased nearly 5 cents to $2.57 per gallon.”
“The U.S. average diesel fuel price rose 1 cent to $3.08 per gallon on March 25, 7 cents higher than a year ago. The Rocky Mountain and West Coast prices each rose 3 cents to $2.97 per gallon and $3.53 per gallon, respectively, the East Coast and Gulf Coast prices each rose nearly 1 cent to $3.13 per gallon and $2.88 per gallon, respectively, and the Midwest price rose slightly, remaining at $2.99 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 0.5 million barrels to 51.6 million barrels as of March 22, 2019 . This was 7.4 million barrels (16.7%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast, Midwest, and Rocky Mountain/West Coast inventories increased by 0.8 million barrels, 0.3 million barrels, and 0.1 million barrels, respectively, while East Coast inventories decreased by 0.6 million barrels. Propylene non-fuel-use inventories represented 11.8% of total propane/propylene inventories.
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