Brent oil prices decreased by 4.08% or US$1.71, as prices declined this week relative to the prior week. Oil traded on October 1, 2020 at a price of US$40.23 per barrel relative to US$41.94 on September 24, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.09% (JMD$0.10). Additionally, 90 Octane increased by 0.09% or (JMD$0.10) 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$113.30 and J$116.14 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 September 28, 2020, it was noted that, “The U.S. average regular gasoline retail price increased less than 1 cent, remaining virtually unchanged at $2.17 per gallon on September 28, 47 cents lower than the same time last year.” The East Coast price declined almost by 1 cent but remained unchanged at $2.11 per gallon, also, the Gulf Coast price declined by under 1 cent but remained at $1.84 per gallon as at last week. The Midwest price increased almost by 3 cents to $2.06 per gallon. However, the Rocky Mountain and West Cost price each decreased almost by 2 cents to $2.30 per gallon and to $2.82 per gallon, respectively.
The average diesel fuel price in the U.S. declined 1 cent to $2.39 per gallon as at last week, and 67 cents lower when compared to the same period last year. The Gulf Coast price declined less than a cent to $2.15 per gallon. While, the Rocky Mountain price declined more than a cent to $2.34 per gallon as well as, the East Coast price to $2.47 per gallon. Also, the West Coast price decreased greater than 1 cent to $2.93 per gallon.
Inventories for Propane/propylene increases
There was an increase in U.S. propane/propylene stocks last week by 4.1 million barrels to 102 million barrels as of September 25, 2020. This was 13.4 million barrels (15.1%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, East Coast, Midwest and Gulf Coast inventories increased by 0.1 million barrels, 0.4 million barrels and 3.7 million barrels, respectively. While the Rocky Mountain/West Coast inventories declined by 0.1 million barrels.
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