March 5, 2020
Brent oil prices decreased by 14.21% or US$8.27, as prices fell this week relative to the prior week. Oil traded on March 05, 2020 at a price of US$49.91 per barrel relative to US$58.18 on February 27, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.31% (JMD$3.02). Additionally, 90 Octane decreased by 2.26% or (JMD$3.02) 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$127.77 and J$130.61 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 2, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 4 cents from the previous week to $2.42 per gallon, less than 1 cent higher than the prior year.” The Midwest price decreased almost 6 cents to $2.30 per gallon, the East Coast price fell close to 5 cents to $2.35 per gallon, the Gulf Coast price declined nearly 4 cents to $2.11 per gallon, the Rocky Mountain price declined over 2 cents to $2.42 per gallon, while the West Coast price experienced a decrease of almost 1 cent to $3.13 per gallon.
The average diesel fuel price in the U.S. decreased over 1 cent to $2.85 per gallon relative to the previous week, and 23 cents lower when compared to the same period last year. The West Coast price fell close to 4 cents to $3.42 per gallon, the East Coast and Midwest prices each experienced a decrease of 3 cents to $2.90 per gallon and $2.73 per gallon, respectively, the Gulf Coast price fell almost 3 cents to $2.63 per gallon, whereas the Rocky Mountain price declined more than 2 cents to $2.83 per gallon.
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 3.6 million barrels to 70.0 million barrels as of February 28, 2020. This was 18.8 million barrels (36.7%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast inventories recorded a decrease by 1.6 million barrels, Midwest inventories fell by 1.5 million barrels, and East Coast and Rocky Mountain/West Coast inventories each experienced a decrease by 0.3 million barrels. Propylene non-fuel-use inventories represented 7.7% of total propane/propylene inventories.
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