Brent oil prices decreased by 0.53% or US$0.23, as prices rose this week relative to the prior week. Oil traded on October 15, 2020 at a price of US$43.11 per barrel relative to US$43.34 on October 8, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.23% (JMD$0.25). Additionally, 90 Octane increased by 0.22% or (JMD$0.25) 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$110.49 and J$113.33 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 decrease and diesel prices increases
On October 12, 2020, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 1 cent, remaining virtually unchanged at $2.17 per gallon on October 12, 46 cents lower than the same time last year.” The East Coast price increased less than 1 cent but remained stable at $2.13 per gallon, however, the Gulf Coast price increased more than 1 cent to $1.84 per gallon. The Midwest price decreased by almost 2 cents to $2.03 per gallon and the West Coast price declined almost by 1 cent to $2.80 per gallon. The Rocky Mountain price decreased by 1 cent to $2.26 per gallon.
The average diesel fuel price in the U.S. increased less than 1 cent to $2.40 per gallon as at last week, and 66 cents lower when compared to the same period last year. The Gulf Coast price increased almost by a cent to $2.15 per gallon. While, the Rocky Mountain price rose more than 1 cent to $2.33 per gallon, however, the East Coast and West Coast price were stable at $2.47 per gallon and $2.93 per gallon, respectively. The Midwest price increased nearly 2 cents to $2.28 per gallon.
Inventories for Propane/propylene decreases
There was a decrease in U.S. propane/propylene stocks last week by 1.9 million barrels to 99.9 million barrels as of October 9, 2020. This was 10.1 million barrels (11.2%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest and East Coast inventories decreased by 1.3 million barrels and 1.1 million barrels, respectively. Gulf Coast and Rocky Mountain/ West Coast inventories climbed by 0.2 million barrels and 0.4 million barrels, respectively.
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