Brent oil prices increased by 2.50% or US$1.98, as prices rose this week. Oil traded on September 27, 2018 at a price of US$81.03 per barrel relative to US$79.05 last week. Brent oil began the year at US$68.07 per barrel.
87 Octane prices increased week over week, by 1.78% (JMD$2.47). Additionally, 90 Octane increased by 1.08% or (JMD$1.52) 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$140.88 and J$142.77 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 24, 2018, “The U.S. average regular gasoline retail price increased less than one cent from the previous week to $2.84 per gallon, up 26 cents from the corresponding period of last year. Midwest prices rose nearly three cents to $2.79 per gallon and West Coast prices rose nearly one cent to $3.35 per gallon. East Coast prices went down nearly two cents to $2.77 per gallon, and Gulf Coast prices decreased less than a cent, remaining unchanged at $2.56 per gallon. In addition, Rocky Mountain prices were unchanged, remaining at $3.01 per gallon.”
“The U.S. average diesel fuel price increased less than one cent to $3.27 per gallon on September 24, 2018, 48 cents higher than last year. Midwest prices rose one cent to $3.22 per gallon, West Coast and East Coast prices rose less than a cent, remaining unchanged at $3.76 per gallon and $3.25 per gallon, respectively. Furthermore, Rocky Mountain prices fell nearly a cent, remaining unchanged at $3.56 per gallon, and Gulf Coast prices declined less than a cent to $3.05 per gallon.”
Inventories for Propane/propylene increasing
There was an increase in U.S. propane/propylene stocks last week by 1.6 million barrels to 76.4 million barrels as of September 21, 2018. This was 8.0 million barrels (9.5%) lower than the five-year average inventory level year over year. East Coast inventories increased by 0.7 million barrels, Midwest inventories increased by 0.4 million barrels, while Gulf Coast and Rocky Mountain/West Coast inventories each increased by 0.3 million barrels. Propylene non-fuel-use inventories reflected a 2.4% of total propane/propylene inventories.
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