May 21, 2020
Brent oil prices increased by 16.16% or US$5.03, as prices rose this week relative to the prior week. Oil traded on May 21, 2020 at a price of US$36.16 per barrel relative to US$31.13 on May 15, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
87 Octane prices increased this week by 0.21% (JMD$0.25). Additionally, 90 Octane increased by 0.21% or (JMD$0.25) 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$117.42 and J$120.26 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 and diesel prices decrease
On May 18, 2020, it was noted that “the U.S. average regular gasoline retail price increased almost 3 cents from the previous week to $1.88 per gallon, $0.97 lower than the prior year.” The Rocky Mountain price increased almost 6 cents to $1.82 per gallon, the Gulf Coast price climbed 4 cents to $1.54 per gallon, the Midwest price increased more than 3 cents to $1.78 per gallon, the West Coast price rose close to 3 cents to $2.48 per gallon, and the East Coast price increased almost 2 cents to $1.83 per gallon.
“The average diesel fuel price in the U.S. decreased close to 1 cent remaining relatively unchanged at $2.39 per gallon relative to the previous week, and 787 cents lower when compared to the same period last year. The West Coast and Midwest prices each declined more than 1 cent to $2.89 per gallon and $2.23 per gallon, respectively. Whereas, the East Coast and Rocky Mountain prices each decreased almost 1 cent to $2.49 per gallon and $2.34 per gallon, respectively, and the Gulf Coast price fell less than 1 cent, remaining unchanged at $2.18 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 1.1 million barrels to 62.7 million barrels as of May 15, 2020. This was 7.7 million barrels (14.0%) higher than the five-year (2015-2019) average inventory levels year over year.
Additionally, Midwest, East Coast, and Rocky Mountain/West Coast inventories each experienced increases of 0.7 million barrels, 0.5 million barrels, and 0.1 million barrels, respectively. Moreover, Gulf Coast inventories declined by 0.3 million barrels.
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