Brent oil prices decreased by 4.30% or US$2.69, as prices declined this week relative to the prior week. Oil traded on November 29, 2018 at a price of US$59.91 per barrel relative to US$62.60 last week. Brent oil began the year at US$66.57 per barrel.
87 Octane prices decreased week over week, by 2.36% (JMD$3.04). Additionally, 90 Octane decreased by 2.31% or (JMD$3.04) 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$125.68 and J$128.52 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 26, 2018, “The U.S. average regular gasoline retail price declined over seven cents from the previous week to $2.54 per gallon, up less than one cent from the corresponding period of last year. Midwest prices dropped more than ten cents to $2.31 per gallon, Gulf Cost fell over nine cents to $2.22 per gallon and East Coast prices decreased almost six cents to $2.50 per gallon. West Coast prices declined four cents to $3.31 per gallon and Rocky Mountain prices fell more than three cents to $2.80 per gallon.”
“The U.S. average diesel fuel price dipped over two cents to $3.26 per gallon on November 26, 2018, 34 cents higher than last year. Midwest prices decreased more than three cents to $3.19 per gallon, while West Coast prices declined almost three cents to $3.74 per gallon and Rocky Mountain prices fell over two cents to $3.34 per gallon, East Coast prices dropped nearly two cents to $3.28 per gallon and Gulf Coast prices decreased one cent to $3.04 per gallon.”
Inventories for Propane/propylene decline
There was a decline in U.S. propane/propylene stocks last week by 0.6 million barrels to 81.1 million barrels as of November 23, 2018 This was 2.5 million barrels (3.0%) lower than the five-year (2013-2017) average inventory level year over year. Midwest inventories declined by 0.6 million barrels and Gulf Coast inventories decreased by 0.5 million barrels. While, East Coast inventories went up by 0.3 million barrels and Rocky Mountain/West Coast inventories increased by 0.1 million barrels. Propylene non-fuel-use inventories reflected a 5.1% of total propane/propylene inventories.
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