February 06, 2020
Brent Oil
Brent oil prices decreased by 5.78% or US$3.37, as prices fell this week relative to the prior week. Oil traded on February 6, 2020 at a price of US$54.92 per barrel relative to US$58.29 on January 30, 2020. Brent oil opened 2020 year at US$66.25 per barrel.
Petrojam prices
87 Octane prices decreased this week by 0.04% (JMD$0.05). Additionally, 90 Octane decreased by 0.04% or (JMD$0.05) 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$121.70 and J$124.54 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 February 03, 2020, it was noted that, “the U.S. average regular gasoline retail price declined over 5 cents from the previous week to $2.46 per gallon, 20 cents higher than the prior year. Moreover, the East Coast, Midwest, and Gulf Coast prices all decreased almost 6 cents to $2.39 per gallon, $2.31 per gallon, and $2.14 per gallon, respectively. The Rocky Mountain price also experienced a decline by nearly 3 cents to $2.53 per gallon, while the West Coast price inched down almost 2 cents to $3.16 per gallon.
The average diesel fuel price in the U.S. decreased almost 5 cents to $2.96 per gallon relative to the previous week, and 1 cent lower when compared to the same period last year. “The Midwest and the Gulf Coast prices each experienced a decrease of over 6 cents to $2.84 per gallon and $2.71 per gallon, respectively. Likewise, the West Coast price fell about 5 cents to $3.52 per gallon, the East Coast price declined more than 4 cents to $3.00 per gallon, and the Rocky Mountain price fell 4 cents to $2.94 per gallon.”
Inventories for Propane/propylene increase
There was an increase in U.S. propane/propylene stocks last week by 0.6 million barrels to 83.4 million barrels as of January 31, 2020. This was 21.9 million barrels (35.7%) higher than the five-year (2015-2019) average inventory levels year over year. Additionally, Gulf Coast and East Coast inventories both experienced increases by 1.1 million barrels and 0.5 million barrels respectively. Whereas, Midwest and Rocky Mountain/West Coast inventories decreased by 0.8 million barrels and 0.2 million barrels, respectively. Propylene non-fuel-use inventories represented 6.6% of total propane/propylene inventories.
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