May 7, 2020
Brent oil prices increased by 21.49% or US$5.43, as prices rose this week relative to the prior week. Oil traded on May 07, 2020 at a price of US$30.70 per barrel relative to US$25.27 on April 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices and 90 Octane both remained unchanged 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$116.92 and J$119.76 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 04, 2020, it was noted that “the U.S. average regular gasoline retail price increased almost 2 cents from the previous week to $1.79 per gallon, almost $1.11 lower than the prior year.” The Midwest price increased nearly 10 cents to $1.57 per gallon. The Rocky Mountain price declined almost 4 cents to $1.77 per gallon, the East Coast price decreased close to 2 cents to $1.79 per gallon, the Gulf Coast price decreased 2 cents to $1.49 per gallon, and the West Coast price fell over 1 cent to $2.44 per gallon.
The average diesel fuel price in the U.S. decreased more than 4 cents to $2.40 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 6 cents to $2.37 per gallon, the West Coast, East Coast, Midwest, and Gulf Coast prices each declined close to 4 cents to $2.90 per gallon, $2.51 per gallon, $2.25 per gallon, and $2.17 per gallon, respectively.
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 2.5 million barrels to 59.4 million barrels as of May 01, 2020. This was 7.5 million barrels (14.5%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Gulf Coast inventories rose by 1.2 million barrels, Midwest inventories increased by 0.9 million barrels, and East Coast and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels.
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