November 28, 2019
Brent Oil
Brent oil prices decreased by 1.64% or US$1.05, as prices decreased this week relative to the prior week. Oil traded on November 28, 2019 at a price of US$62.92 per barrel relative to US$63.97 on November 21, 2019. Brent oil began the year at US$55.95 per barrel.
Petrojam prices
87 Octane prices increased this week by 0.33% (JMD$0.43), while 90 Octane increased by a similar amount 0.33% or (JMD$0.43). 87 Octane and 90 Octane opened the year at J$116.75 and J$119.59 respectively, and now trades at J$129.84 and J$132.68 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
The U.S. average regular gasoline retail price declined 1 cent from the prior week to $2.58 per gallon, approximately 4 cents higher the same time last year. A 7 cents decline was observed for the West Coast which amounted to $3.47 per gallon, Midwest price declined more than 3 cents to $2.40 per gallon. The Rocky Mountain price decreased by1 cent to $2.83 per gallon. Prices in the Gulf Coast price went up 2 cents to $2.24 per gallon, and the East Coast price inched up by almost 1 cent to $2.46 per gallon.
According to U.S. Energy Information Administration (EIA), “the U.S. average diesel fuel price went down almost 1 cent to $3.07 per gallon on November 25, 20 cents lower than the same time last year. The West Coast price declined nearly 4 cents to $3.72 per gallon, the Gulf Coast price dropped almost 2 cents to $2.78 per gallon, and the Midwest price fell lower than 1 cent, remaining at $2.97 per gallon. Whereas, the Rocky Mountain price increased greater than 1 cent to $3.25 per gallon and the East Coast price rose less than 1 cent, remaining at $3.05 per gallon.”
Inventories for Propane/propylene decrease
There was a decrease in U.S. propane/propylene stocks last week by 0.7 million barrels to 93.5 million barrels as of November 22, 2019. This was 5.1 million barrels (5.7%) higher than the five-year (2014-2018) average inventory level year over year. Additionally, Midwest, Rocky Mountain/West Coast, and East Coast inventories decreased by 0.5 million barrels, 0.3 million barrels, and 0.2 million barrels, respectively. Gulf Coast inventories rose by 0.4 million barrels. Propylene non-fuel-use inventories represented 5.6% of total propane/propylene inventories.
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