November 7, 2019
Brent oil prices increased by 3.72% or US$2.24, as prices decreased this week relative to the prior week. Oil traded on November 07, 2019 at a price of US$62.47 per barrel relative to US$60.23 on October 31, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices increased this week by 0.91% (JMD$1.17). Additionally, 90 Octane increased by 0.89% or (JMD$1.17) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.65 and J$132.49 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 and diesel prices decrease
On November 06, 2019, it was noted that, “The U.S. average regular gasoline retail price rose nearly 1 cent from the previous week to $2.61 per gallon on November 4, 15 cents lower than the same time last year. The Rocky Mountain price increased more than 5 cents to $2.79 per gallon, the East Coast price rose by more than 2 cents to $2.48 per gallon, and the Midwest price rose by nearly 1 cent to $2.42 per gallon. The Gulf Coast price fell by nearly 2 cents to $2.23 per gallon, while the West Coast price remained unchanged at $3.60 per gallon.”
“The U.S. average diesel fuel price fell by less than 1 cent, remaining virtually unchanged at $3.06 per gallon on November 4, 28 cents lower than a year ago. The East Coast price fell nearly 2 cents to $3.04 per gallon, the Gulf Clast price declined by more than 1 cent to $2.80 per gallon, and the Midwest price fell by less than 1 cent, remaining at $2.96 per gallon. The Rocky Mountain price increased by more than 8 cents to $3.17 per gallon, and the West Coast price increased more than 2 cents to $3.75 per gallon.”
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.3 million barrels to 100.2 million barrels as of November 01, 2019. This was 11.1 million barrels (12.5%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast and East Coast inventories each increased by 0.5 million barrels, and Rocky Mountain/West Coast inventories climbed by 0.1 million barrels. Midwest inventories fell by 0.8 million barrels. Propylene non-fuel-use inventories represented 4.6% of total propane/propylene inventories.
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