Brent oil prices fell by 0.13% or US$0.08, as prices decreased this week. Oil traded on March 8, 2018 at a price of $63.89 per barrel relative to US$63.97 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decrease week over week, by 0.52% (JMD$0.63). Additionally 90 Octane fell by 0.52% or (JMD$0.63) week over week. 87 Octane and 90 Octane opened the year at J$121.04 and J$123.88 respectively and now trades at J$120.51 and J$123.35 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
The United States exported 1.1 million barrels per day of crude oil to 37 destinations in 2017 U.S. crude oil exports increased sharply in 2017 and were sent to more destinations, becoming the third-largest type of U.S. petroleum export. Increased U.S. crude oil exports were supported by increasing U.S. crude oil production and expanded infrastructure, resulting in lower domestic crude oil prices when compared with international crude oil prices. Exports grew to 1.1 million barrels per day (b/d) in 2017, or 527,000 b/d (89%) more than exports in 2016, in the second full year of unrestricted U.S. crude oil exports. This is the largest single year-over-year increase of a petroleum (crude oil and petroleum products) export since 1920. The annual volume of exports is nearly four times larger than the previous period of material U.S. crude oil export growth in 1980 (Figure 1).
U.S. crude oil exports reached 37 different destinations in 2017, compared with 27 in 2016. Similar to previous years, Canada remained the largest single destination for U.S. crude oil exports, but its share of total U.S. crude oil exports continued to decrease, down to 29% in 2017 from 61% in 2016. U.S. crude oil exports to China accounted for 202,000 b/d (20%) of the 527,000 b/d of the total increase, and China went from being the fourth-largest destination in 2016 to the second-largest destination in 2017 (Figure 2).
Many European nations are among the largest destinations for U.S. crude oil exports, including the United Kingdom, the Netherlands, Italy, France, and Spain. India, which did not receive U.S. crude oil exports in 2016, received 22,000 b/d in 2017, tying with Spain as the tenth-largest destination.
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