Brent oil prices decreased by 1.33% or US$0.94, as prices decreased this week relative to the prior week. Oil traded on May 09, 2019 at a price of US$69.81 per barrel relative to US$70.75 on May 02, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 1% (JMD$1.37). Additionally, 90 Octane decreased by 0.98% or (JMD$1.37) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$135.84 and J$138.68 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 May 06, 2019, it was noted that, “The U.S. average regular gasoline retail price rose 1 cent from the previous week to $2.90 per gallon, over 5 cents from the same time last year. The Rocky Mountain price increased almost 8 cents to $2.92 per gallon, the West Coast price went up nearly 4 cents to $3.71 per gallon, the East Coast price climbed over 1 cent to $2.79 per gallon and the Midwest price rose below 1 cent, remaining at $2.77 per gallon. The Gulf Coast price dropped almost 3 cents to $2.56 per gallon.”
“The U.S. average diesel fuel price went up lower than 1 cent, remaining at $3.17 per gallon on May 06, the same price as a year ago. The West Coast price increased nearly 4 cents to $3.77 per gallon, the Midwest price increased almost 1 cent, remaining at $3.06 per gallon, the Midwest price went up less than 1 cent, remaining at $3.06 per gallon, and the Rocky Mountain price rose lower than 1 cent to $3.19 per gallon. Whereas, the Gulf Coast price fell over 1 cent to $2.93 per gallon, and the East Coast price fell less than 1 cent, remaining at $3.19 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.0 million barrels to 60.0 million barrels as of May 03, 2019. This was 9.2 million barrels (18.0%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Gulf Coast, and East Coast inventories increased by 0.8 million barrels, 0.3 million barrels, and 0.1 million barrels, respectively. While, Rocky Mountain/West Coast inventories decreased by 0.1 million barrels. Propylene non-fuel-use inventories represented 9.6% of total propane/propylene inventories.
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