Brent oil prices decreased by 3.25% or US$2.65, as prices declined this week. Oil traded on October 18, 2018 at a price of US$78.79 per barrel relative to US$81.44 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 1.78% (JMD$2.53). Additionally, 90 Octane decreased by 1.75% or (JMD$2.53) 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$139.36 and J$142.20 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
U.S. average regular gasoline price falls, diesel price increases
On October 15, 2018, “The U.S. average regular gasoline retail price decreased over 2 cents from the previous week to $2.88 per gallon, up 39 cents from the corresponding period of last year. The Midwest prices fell more than six cents to $2.76 per gallon, and the Rocky Mountain and East Coast prices each fell almost two cents to $2.98 per gallon and $2.81 per gallon, respectively. In addition, West Coast prices rose almost two cents to $3.49 per gallon, while the Gulf Coast prices went up less than one cent, remaining at $2.63 per gallon.”
“The U.S. average diesel fuel price increased almost one cent and remained at $3.39 per gallon on October 15, 2018, 61 cents higher than last year. The East Coast prices increased more than two cents to $3.38 per gallon, while the West Coast price went up over one cent to $3.88 per gallon, and the Rocky Mountain prices rose one cent to $3.40 per gallon. Furthermore, Gulf Coast prices increased less than a cent, remaining at $3.17 per gallon and Midwest prices was remained at $3.35 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 2.0 million barrels to 82.3 million barrels as of October 12, 2018. This was 4.3 million barrels (4.9%) lower than the five-year average inventory level year over year. Gulf Coast inventories and Rocky Mountain/West Coast inventories each increased by 2.4 million barrels and 0.1 million barrels, respectively. Midwest inventories also increased by 0.1 million barrels. However, East Coast inventories decreased by 0.5 million barrels. Propylene non-fuel-use inventories reflected a 2.9% of total propane/propylene inventories.
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