Brent oil prices increased by 1.18% or US$0.91, as prices rose this week. Oil traded on September 13, 2018 at a price of US$78.30 per barrel relative to US$77.39 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices decreased week over week, by 0.52% (JMD$0.72). Additionally, 90 Octane decreased by 0.51% or (JMD$0.72) 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$137.82 and J$140.65 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
A reduction in U.S. Average regular gasoline and diesel prices
On September 10, 2018, “The U.S. average regular gasoline retail price increased nearly one cent from the previous week to $2.83 per gallon, up 15 cents from the same time last year. Gulf Coast prices increased over two cents to $2.57 per gallon, East Coast prices rose over one cent to $2.79 per gallon, West Coast and Midwest prices each increased nearly one cent to $3.34 per gallon and $2.74 per gallon, respectively. Rocky Mountain prices increased less than once cent, remaining unchanged at $3.01 per gallon.”
“The U.S. average diesel fuel price increased nearly one cent to $3.26 per gallon on September 10, 2018, 46 cents higher than a year ago. East Coast prices rose more than one cent to $3.25 per gallon, West Coast and Rocky Mountain prices increased less than a cent to $3.75 per gallon and $3.37 per gallon, respectively. Midwest and Gulf Coast prices increased less than a cent, remaining unchanged, at $3.19 per gallon and $3.04 per gallon, respectively.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 1.2 million barrels to 74.6 million barrels as of September 7, 2018. This was 9.0 million barrels (10.8%) lower than the five-year average inventory level year over year. Gulf Coast, Rocky Mountain/West Coast, Midwest and East Coast inventories increased by 0.7 million barrels, 0.3 million barrels and 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 3.8% of total propane/propylene inventories.
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