Brent oil prices decreased by 0.97% or US$0.59, as prices decreased this week relative to the prior week. Oil traded on September 12, 2019 at a price of US$60.36 per barrel relative to US$60.95 on September 05, 2019. Brent oil began the year at US$54.91 per barrel.
87 Octane prices decreased this week by 2.76% (JMD$0.07). Additionally, 90 Octane increased by 0.05% or (JMD$0.07) this week. 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively and now trades at J$129.05 and J$131.89 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 September 09, 2019, it was noted that, “The U.S. average regular gasoline retail price fell over 1 cent from the previous week to $2.55 per gallon, almost 28 cents lower the same time last year. The Midwest price dropped nearly 3 cents to $2.44 per gallon, and the East Coast price declined close to 2 cents to $2.46 per gallon. In addition, the Gulf Coast price went up 1 cent to $2.24 per gallon, and the West Coast and Rocky Mountain prices each rose close to 1 cent to $3.25 per gallon and $2.63 per gallon, respectively.”
“The U.S. average diesel fuel price went down 1 cent remaining at $2.97 per gallon on September 09, 29 cents lower than the same time last year. The Midwest price decreased 1 cent to $2.86 per gallon, and the West Coast and East Coast prices each fell nearly 1 cent to $3.55 per gallon and $2.99 per gallon, respectively. Moreover, the Rocky Mountain and Gulf Coast prices each increased nearly 1 cent to $2.93 per gallon and $2.75 per gallon, respectively.”
Inventories for Propane/propylene rise
There was an increase in U.S. propane/propylene stocks last week by 0.7 million barrels to 97.8 million barrels as of September 06, 2019. This was 12.1 million barrels (14.1%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Gulf Coast inventories increased by 0.5 million barrels, and Midwest and Rocky Mountain/West Coast inventories each increased by 0.2 million barrels. East Coast inventories decreased by 0.2 million barrels. Propylene non-fuel-use inventories represented 4.2% of total propane/propylene inventories.
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