Brent oil prices decreased by 5.42% or US$3.61, as prices declined this week. Oil traded on November 22, 2018 at a price of US$63.01 per barrel relative to US$66.62 last week. Brent oil began the year at US$66.57 per barrel.
87 Octane prices decreased week over week, by 1.40% (JMD$1.83). Additionally, 90 Octane decreased by 1.37% or (JMD$1.83) 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$128.72 and J$131.56 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 19, 2018, “The U.S. average regular gasoline retail price declined almost eight cents from the previous week to $2.61 per gallon, up 4 cents from the corresponding period of last year. Midwest prices dropped nearly ten cents to $2.42 per gallon, Gulf Coast prices declined almost eight cents to $2.31 per gallon, East Coast prices decreased nearly seven cents to $2.55 per gallon. Rocky Mountain prices fell over six cents to $2.83 per gallon, and West Coast prices declined over five cents to $3.35 per gallon.”
“The U.S. average diesel fuel price dipped almost four cents to $3.28 per gallon on November 19, 2018, 37 cents higher than last year. Midwest prices decreased almost five cents to $3.22 per gallon, while West Coast and Gulf Coast prices each dipped four cents to $3.77 per gallon and $3.05 per gallon, respectively. Rocky Mountain and East Coast prices each fell almost two cents to $3.36 per gallon and $3.30 per gallon, respectively.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 2.0 million barrels to 81.8 million barrels as of November 16, 2018 This was 1.9 million barrels (2.3%) lower than the five-year (2013-2017) average inventory level year over year. Gulf Coast inventories fell by 1.0 million barrels, East Coast inventories decreased by 0.5 million barrels, and Midwest and Rocky Mountain/West Coast inventories each fell by 0.2 million barrels. Propylene non-fuel-use inventories reflected a 4.4% of total propane/propylene inventories.
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