Brent oil prices decreased by 4.22% or US$3.59, as prices rose this week. Oil traded on October 11, 2018 at a price of US$81.44 per barrel relative to US$85.03 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.09% (JMD$0.13). Additionally, 90 Octane decreased by 0.09% or (JMD$0.13) 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$141.89 and J$144.73 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 08, 2018, “The U.S. average regular gasoline retail price increased nearly 4 cents from the previous week to $2.90 per gallon, up 40 cents from the corresponding period of last year. West Coast prices rose more than six cents to $3.48 per gallon, and East Coast, Midwest and Gulf Coast prices each rose over three cents to $2.83 per gallon, $2.82 per gallon and $2.63 per gallon, respectively. In addition, Rocky Mountain prices fell less than a cent, remaining at $3.00 per gallon.”
“The U.S. average diesel fuel price increased more than 7 cents to $3.39 per gallon on October 08, 2018, 61 cents higher than last year. Gulf Coast prices rose nine cents to $3.17 per gallon, while Midwest price went up over seven cents to $3.35 per gallon, and East Coast prices rose nearly seven cents to $3.36 per gallon. Furthermore, West Coast prices increased more than six cents to $3.87 per gallon and Rocky Mountain prices rose over two cents to $3.39 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 1.5 million barrels to 80.3 million barrels as of October 05, 2018. This was 5.8 million barrels (6.8%) lower than the five-year average inventory level year over year. Gulf Coast and East Coast inventories increased by 0.8 million barrels and 0.5 million barrels, respectively. Rocky Mountain/West Coast and Midwest inventories each rose by 0.2 million barrels. Propylene non-fuel-use inventories reflected a 2.5% of total propane/propylene inventories.
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