Brent oil prices decreased by 1.92% or US$1.40, as prices declined this week. Oil traded on November 08, 2018 at a price of US$71.49 per barrel relative to US$72.89 last week. Brent oil began the year at US$66.57 per barrel.
87 Octane prices decreased week over week, by 1.82% (JMD$2.47). Additionally, 90 Octane decreased by 1.78% or (JMD$2.47) 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$133.48 and J$136.32 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 decrease
On November 07, 2018, “The U.S. average regular gasoline retail price declined almost six cents from the previous week to $2.75 per gallon, up 19 cents from the corresponding period of last year. Midwest prices dropped nearly eight cents to $2.60 per gallon, Gulf Coast prices declined almost seven cents to $2.46 per gallon, East Coast prices decreased over five cents to $2.68 per gallon. West Coast prices went down more than three cents to $3.45 per gallon, and Rocky Mountain prices fell over two cents to $2.94 per gallon.”
“The U.S. average diesel fuel price dipped almost two cents to $3.34 per gallon on November 05, 2018, 46 cents higher than last year. Midwest prices decreased more than two cents to $3.29 per gallon, while West Coast and East Coast prices each declined almost two cents to $3.83 per gallon and $3.33 per gallon, respectively. Gulf Coast prices fell more than a cent to $3.11 per gallon, and Rocky Mountain prices declined almost a cent to $3.40 per gallon.”
Inventories for Propane/propylene rise
There was a rise in U.S. propane/propylene stocks last week by 1.5 million barrels to 84.5 million barrels as of November 02, 2018. This was equivalent to the five-year average inventory level year over year. Gulf Coast inventories increased by 1.9 million barrels. Rocky Mountain/West Coast inventories declined by 0.2 million barrels, while East Coast and Midwest Inventories each declined by 0.1 million barrels. Propylene non-fuel-use inventories reflected a 4.4% of total propane/propylene inventories.
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