Brent oil prices increased by 1.45% or US$0.63, as prices increase this week relative to the prior week. Oil traded on November 19, 2020 at a price of US$43.53 per barrel relative to US$44.16 on November 12, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 1002.60% (JMD$96.53). Additionally, 90 Octane increased by 1.35% or (JMD$1.45) 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$106.15 and J$108.99 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 price and diesel prices increases
On November 16, 2020, it was noted that, “the U.S. average regular gasoline retail price increased nearly 2 cents to $2.11 per gallon on November 16, 48 cents lower than the same time last year.” The East Coast price increased almost by 3 cents to $2.07 per gallon, the Gulf Coast price increased more than 3 cents $1.78 per gallon. The Midwest price decreased almost by a cent to $1.96 per gallon, the West Coast price was unchanged at $2.77 per gallon and the Rocky Mountain price decreased almost by 1 cent to but remained at $2.20 per gallon.
The average diesel fuel price in the U.S. increased almost by 6 cent to $2.44 per gallon as at last week, and 63 cents lower when compared to the same period last year. West Coast prices increased more than 5 cents to $2.99 per gallon. The Gulf Coast price increased almost by 5 cents to $2.18 per gallon, Midwest price increase almost by 8 cents to $2.34 per gallon and East Coast price increased almost by 4 cents to $2.49 per gallon. The Rocky Mountain price climbed almost by 12 cents to $2.49 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 2.0 million barrels to 92.9 million barrels as of November 13, 2020. This was 5.3 million barrels (6.1%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest inventories climbed by 0.2 million barrels. Gulf Coast inventories decreased by 1.9 million barrels and East Coast inventories declined by 0.3 million barrels. Rocky Mountain/West Coast inventories rose by 0.1 million barrels.
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