Brent oil prices decreased by 8.64% or US$5.42, as prices decreased this week relative to the prior week. Oil traded on October 03, 2019 at a price of US$57.32 per barrel relative to US$62.74 on September 26, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 2.03% (JMD$2.65). Additionally, 90 Octane decreased by 1.99% or (JMD$2.65) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$128.00 and J$130.84 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 September 30, 2019, it was noted that, “The U.S. average regular gasoline retail price fell over 1 cent from the previous week to $2.64 per gallon, almost 22 cents lower the same time last year. The Midwest price dropped nearly 10 cents to $2.49 per gallon, and the East Coast price declined close to 3 cents to $2.51 per gallon. In addition, the Gulf Coast price went down 3 cents to $2.33 per gallon, and the West Coast price inched up by 21 cents to $3.55 per gallon, while Rocky Mountain prices rose by more than 1 cent to $2.71 per gallon.”
“The U.S. average diesel fuel price went down 2 cents remaining at $3.07 per gallon on September 30, 25 cents lower than the same time last year. The Gulf Coast price declined over 3 cents to $2.83 per gallon, the East Coast price dropped almost 2 cents to $3.07 per gallon, the West Coast and Midwest prices fell by nearly 1 cent, remaining at $3.65 per gallon and $2.99 per gallon, respectively. Whereas, the Rocky Mountain price decreased below 1 cent, remaining at $3.03 per gallon.”
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 1.0 million barrels to 100.6 million barrels as of September 27, 2019. This was 13.0 million barrels (14.8%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Gulf Coast, and East Coast inventories increased by 0.5 million barrels, 0.4 million barrels, and 0.2 million barrels, respectively. Rocky Mountain/West Coast inventories decreased by 0.1 million barrels. Propylene non-fuel-use inventories represented 4.3% of total propane/propylene inventories.
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