September 3, 2020
Brent oil prices decreased by 4.19% or US$1.89, as prices rose this week relative to the prior week. Oil traded on September 3, 2020 at a price of US$43.20 per barrel relative to US$45.09 on August 27, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices decreased this week by 0.78% (JMD$0.93). Additionally, 90 Octane decreased by 0.76% or (JMD$0.93) 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$119.01 and J$121.85 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 increases
On August 31, 2020, it was noted that, “the U.S. average regular gasoline retail price increased 4 cents from the previous week to $2.22 per gallon on August 31, 34 cents lower than the same time last year.” The East Coast price rose 6 cents to $2.16 per gallon, the Midwest price climbed almost 5 cents to $2.12 per gallon, the Gulf Coast price rose over 2 cents to $1.89 per gallon, and the West Coast price increased below 1 cent, remaining relatively unchanged at $2.86 per gallon. Whereas, the Rocky Mountain price experienced a slight decrease by almost 1 cent, remaining unchanged at $2.35 per gallon.
The average diesel fuel price in the U.S. rose close to 2 cents from $2.43 per gallon as at last week, and 54 cents lower when compared to the same period last year. The U.S. average diesel fuel price increased nearly 2 cents from the previous week at $2.44 per gallon on August 31, 54 cents lower than a year ago. The Midwest price experienced an increase of over 2 cents to $2.33 per gallon, the Rocky Mountain price rose close to 2 cents to $2.39 per gallon. Moreover, the Gulf Coast, East Coast, and West Coast prices each experienced increases of more than 1 cent to $2.19 per gallon, $2.52 per gallon, and $2.97 per gallon, respectively.
Inventories for Propane/propylene increase
There was rise in U.S. propane/propylene stocks last week by 4.4 million barrels to 95.2 million barrels as of August 28, 2020. This was 9.5 million barrels (11.1%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally Gulf Coast and Midwest inventories rose by 4.3 million barrels and 0.6 million barrels, respectively. Rocky Mountain/West Coast Gulf Coast inventories increased marginally, remaining virtually unchanged. However, the East Coast inventories declined by 0.5 million barrels.
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