Brent oil prices increased by 8.47% or US$3.19, as prices increase this week relative to the prior week. Oil traded on November 5, 2020 at a price of US$40.84 per barrel relative to US$37.65 on October 29, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 2.81% (JMD$3.06). Additionally, 90 Octane decreased by 2.74% or (JMD$3.06) 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$105.65 and J$108.49 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 decreases
On November 2, 2020, it was noted that, “the U.S. average regular gasoline retail price decreased more than 3 cents to $2.11 per gallon on November 2, 49 cents lower than the same time last year.” The East Coast price decreased more than 2 cents to $2.07 per gallon, also, the Gulf Coast price decreased almost by 5 cents $1.79 per gallon. The Midwest price decreased more than 4 cents to $1.97 per gallon, the West Coast price declined greater than 1 cent to $2.77 per gallon and the Rocky Mountain price decreased more than 2 cents to $2.22 per gallon.
The average diesel fuel price in the U.S. decreased more than 1 cent to $2.37 per gallon as at last week, and 69 cents lower when compared to the same period last year. The Gulf Coast, Midwest and East Coast price decreased almost by 2 cents to $2.13 per gallon, $2.25 per gallon and $2.44 per gallon, respectively. While, the Rocky Mountain and West Coast prices were stable at $2.32 per gallon and $2.92 per gallon as at last week, respectively.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 2.6 million barrels to 95.8 million barrels as of October 30, 2020. This was 6.7 million barrels (7.5%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest inventories declined slightly but remained unchanged. Gulf Coast inventories decreased by 1.8 million barrels and East Coast inventories declined by 0.8 million barrels. Rocky Mountain/West Coast inventories rose by 0.1 million barrels.
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