Brent oil prices increased by 4.94% or US$4, as prices rose this week. Oil traded on October 04, 2018 at a price of US$85.03 per barrel relative to US$81.03 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices increased week over week, by 0.81% (JMD$1.14). Additionally, 90 Octane increased by 1.39% or (JMD$1.98) 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$142.02 and J$144.86 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
An increase in U.S. Average regular gasoline and diesel prices
On October 01, 2018, “The U.S. average regular gasoline retail price increased over two cents from the previous week to $2.87 per gallon, up 30 cents from the corresponding period of last year. West Coast prices rose more than six cents to $3.41 per gallon, Gulf Coast prices rose over three cents to $2.59 per gallon, East Coast prices went up over two cents to $2.79 per gallon, and Midwest prices increased less than a cent, remaining unchanged at $2.79 per gallon. In addition, Rocky Mountain prices fell more than a cent to $3.00 per gallon.”
“The U.S. average diesel fuel price increased more than 4 cents to $3.31 per gallon on October 01, 2018, 52 cents higher than last year. Midwest prices rose six cents to $3.28 per gallon, West Coast prices rose over 4 cents to $3.80 per gallon, while East Coast prices went up nearly 4 cents to $3.29 per gallon and Gulf Coast prices rose nearly three cents to $3.08 per gallon. Furthermore, Rocky Mountain prices increased over one cent to $3.37 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 2.4 million barrels to 78.7 million barrels as of September 28, 2018. This was 6.6 million barrels (7.7%) lower than the five-year average inventory level year over year. Gulf Coast and Midwest inventories increased by 1.7 million barrels and 1.1 million barrels, respectively. East Coast and Rocky Mountain/West Coast inventories decreased by 0.3 million barrels and 0.1 million barrels, respectively. Propylene non-fuel-use inventories reflected a 2.7% of total propane/propylene inventories.
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