May 14, 2020
Brent oil prices increased by 3.29% or US$0.97, as prices rose this week relative to the prior week. Oil traded on May 14, 2020 at a price of US$30.43 per barrel relative to US$29.46 on May 07, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.21% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) 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$117.17 and J$120.01 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 May 11, 2020, it was noted that “the U.S. average regular gasoline retail price increased over 6 cents from the previous week to $1.85 per gallon, almost $1.02 lower than the prior year.” The Midwest price increased nearly 18 cents to $1.75 per gallon. The East Coast price climbed more than 2 cents to $1.82 per gallon, and the West Coast and Gulf Coast prices each increased over 1 cent to $2.45 per gallon and $1.50 per gallon, respectively. The Rocky Mountain price declined almost 1 cent to $1.76 per gallon.
The average diesel fuel price in the U.S. decreased close to 1 cent to $2.39 per gallon relative to the previous week, and 77 cents lower when compared to the same period last year. The Rocky Mountain price decreased over 2 cents to $2.35 per gallon. The East Coast price declined more than 1 cent to $2.50 per gallon, and the Midwest price fell close to 1 cent to $2.24 per gallon. The Gulf Coast price rose almost 1 cent to $2.18 per gallon, and the West Coast price increased less than 1 cent to $2.90 per gallon.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.2 million barrels to 61.6 million barrels as of May 08, 2020. This was 8.2 million barrels (15.3%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Midwest inventories rose by 1.0 million barrels, East Coast inventories inched up by 0.8 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels.
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