Brent oil prices declined by 0.33% (US$0.21), as prices declined this week. Oil traded on November 29, 2017 at a price of 63.11 (US$/ barrel) and began the year at US$56.90 per barrel.
87 Octane prices declined week over week, by 1.41% (US$1.69 ). Additionally 90 Octane declined by 1.38% or $1.69 week over week. 87 Octane and 90 Octane opened the year at J$97.32 and J$98.98 respectively and now trades at J$121.37 and J$124.21 per litre.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular and Brent Crude Oil 1 Year Price History
This Week in Petroleum
The United States continues trend toward exporting more gasoline than it imports
Despite record high gasoline consumption, the United States is on pace to export more gasoline than it imports for the second year in a row. Changes in regional markets, increased demand for exports, and high refinery runs are once again leading to the United States to be a net exporter in 2017.
In 2016, the United States became a net exporter of gasoline for the first time on an annual basis with net gasoline exports of 56,000 barrels per day (b/d). Through September 2017 (the most recently available monthly data), the United States averaged net gasoline exports of 55,000 b/d. The shift toward net exports of gasoline on an annual basis has been a long-running trend.
U.S. gasoline imports and exports are highly seasonal. The United States has typically been a net importer of gasoline in spring and summer months, when domestic consumption increases, and a net exporter in winter months, when demand is lower. However, for every month between April and August 2017, the United States set either record low net imports or record high net exports (Figure 1). Almost year-round net gasoline exports is a major change for U.S. gasoline markets, which is the result of one long-term trend and two more recent trends.