Brent oil prices increased by 1.11% or US$0.87, as prices rose this week. Oil traded on September 20, 2018 at a price of US$79.05 per barrel relative to US$78.18 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices increased week over week, by 0.43% (JMD$0.59). Additionally, 90 Octane increased by 0.42% or (JMD$0.59) 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$138.41 and J$141.25 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
An increase in U.S. Average regular gasoline and diesel prices
On September 17, 2018, “The U.S. average regular gasoline retail price increased nearly one cent from the previous week to $2.84 per gallon, up 21 cents from the same time last year. Midwest prices rose over two cents to $2.76 per gallon, West Coast and Rocky Mountain prices went up nearly one cent to $3.34 per gallon and $3.01 per gallon, respectively. East Coast prices increased less than one cent, remaining unchanged, at $2.79 per gallon. In addition, Gulf Coast prices declined over a cent to $2.56 per gallon.”
“The U.S. average diesel fuel price increased one cent to $3.27 per gallon on September 17, 2018, 48 cents higher than last year. Gulf Coast prices rose nearly two cents to $3.06 per gallon while Midwest prices increased over a cent to $3.21 per gallon. Furthermore, West Coast prices increased nearly a cent to $3.76 per gallon, and East Coast prices increased less than a cent, remaining at $3.25 per gallon. Rocky Mountain prices decreased less than a cent to $3.36 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 0.1 million barrels to 74.8 million barrels as of September 14, 2018. This was 9.5 million barrels (11.3%) lower than the five-year average inventory level year over year. Midwest and East Coast inventories increased by 0.4 million barrels and 0.1 million barrels, respectively, while Gulf Coast inventories dropped by 0.3 million barrels. Also, Rocky Mountain/West Coast inventories decreased slightly, remaining unchanged. Propylene non-fuel-use inventories reflected a 2.4% of total propane/propylene inventories.
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