Brent oil prices decreased by 11.21% or US$4.76, as prices decrease this week relative to the prior week. Oil traded on October 29, 2020 at a price of US$37.70 per barrel relative to US$42.46 on October 22, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 1.39% (JMD$1.53). Additionally, 90 Octane increased by 1.35% or (JMD$1.53) 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$108.71 and J$111.55 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 decrease
On October 26, 2020, it was noted that, “The U.S. average regular gasoline retail price decreased nearly 1 cent to $2.14 per gallon on October 26, 45 cents lower than the same time last year.” The East Coast price decreased more than 2 cents to $2.09 per gallon, however, the Gulf Coast price increased less than 1 cent but remained at $1.83 per gallon. The Midwest price increased more than 1 cent to $2.01 per gallon, the West Coast price declined almost by 1 cent but remained at $2.79 per gallon and the Rocky Mountain price decreased by 2 cents to $2.24 per gallon.
The average diesel fuel price in the U.S. decreased less than 1 cent but remained at $2.39 per gallon as at last week, and 68 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 and East Coast price declined less than 1 cent to $2.32 per gallon and $2.46 per gallon, respectively. West Coast price decreased by under a cent to remain relatively unchanged at $2.92 per gallon and the Midwest price decreased nearly 1 cent to $2.26 per gallon.
Inventories for Propane/propylene increases
There was an increase in U.S. propane/propylene stocks last week by 0.1 million barrels to 98.4 million barrels as of October 23, 2020. This was 9.4 million barrels (10.5%) higher than the five-year (2015-2019) average inventory levels same time last year.
Additionally, Midwest and Rocky Mountain/ West Coast inventories increased by 0.1 million barrels and 0.2 million barrels, respectively. Gulf Coast and East Coast inventories both declined by 0.1 million barrels.
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