Brent oil prices decreased by 2.65% or US$2.09, as prices declined this week. Oil traded on October 25, 2018 at a price of US$76.70 per barrel relative to US$78.79 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 1.52% (JMD$2.12). Additionally, 90 Octane decreased by 1.49% or (JMD$2.12) 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$137.24 and J$140.08 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 and diesel prices decrease
On October 22, 2018, “The U.S. average regular gasoline retail price declined almost four cents from the previous week to $2.84 per gallon, up 36 cents from the corresponding period of last year. The Midwest prices fell nearly seven cents to $2.69 per gallon, Gulf Coast prices decreased almost five cents to $2.58 per gallon, East Coast prices dropped more than three cents to $2.78 per gallon, while Rocky Mountain prices declined nearly two cents to $2.96 per gallon. In addition, West Coast prices rose less than a cent to $3.50 per gallon.”
“The U.S. average diesel fuel price dipped more one cent and remained at $3.38 per gallon on October 22, 2018, 58 cents higher than last year. Gulf Coast prices decreased two cents to $3.15 per gallon, Midwest prices fell almost two cents to $3.33 per gallon, East Coast decreased over a cent to $3.37 per gallon, and West Coast went down close to a cent to $3.87 per gallon. Furthermore, Rocky Mountain prices rose nearly a cent to $3.41 per gallon.”
Inventories for Propane/propylene declined slightly
There was a decline in U.S. propane/propylene stocks last week by 0.3 million barrels to 82.0 million barrels as of October 19, 2018. This was 3.9 million barrels (4.5%) lower than the five-year average inventory level year over year. Midwest and Rocky Mountain/West Coast inventories each fell by 0.2 million barrels, while East Coast inventories slightly decreased, remaining unchanged. However, Gulf Coast inventories went up by 0.1 million barrels. Propylene non-fuel-use inventories reflected a 3.4% of total propane/propylene inventories.
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