Gas Price Movement- April 16, 2020

April 16, 2020

Brent Oil

Brent oil prices decreased by 12.20% or US$3.84, as prices fell this week relative to the prior week. Oil traded on April 16, 2020 at a price of US$27.64 per barrel relative to US$31.48 on April 09, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

87 Octane prices increased this week by 0.03% (JMD$0.03). Additionally, 90 Octane increased by 0.02% or (JMD$0.03) 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$119.73 and J$122.57 per litre respectively.

Figure 1: Petrojam, U.S.  Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History

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U.S. average regular gasoline and diesel prices decrease

On April 13, 2020, it was noted that “the U.S. average regular gasoline retail price decreased over 7 cents from the previous week to $1.85 per gallon, 98 cents lower than the prior year.” The West Coast price decreased more than 10 cents to $2.58 per gallon, the Rocky Mountain price declined close to 9 cents to $1.92 per gallon, the Gulf Coast price fell more than 8 cents to $1.58 per gallon, the Midwest price declined nearly 8 cents to $1.55 per gallon, whereas the East Coast price declined over 4 cents to $1.88 per gallon.

The average diesel fuel price in the U.S. decreased more than 4 cents to $2.51 per gallon relative to the previous week, and 61 cents lower when compared to the same period last year. The West Coast price declined by more than 6 cents to $3.03 per gallon, while the Rocky Mountain and Midwest prices each decreased by more than 4 cents to $2.50 per gallon and $2.35 per gallon, respectively. Whereas, the East Coast and Gulf Coast prices each declined close to 4 cents to $2.60 per gallon and $2.29 per gallon, respectively.

Inventories for Propane/propylene decrease

There was a decrease in U.S. propane/propylene stocks last week by 2.2 million barrels to 56.8 million barrels as of April 10, 2020. This was 8.7 million barrels (18.2%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, East Coast, Gulf Coast, and Midwest inventories experienced decreases by 1.9 million barrels, 0.4 million barrels, and 0.1 million barrels, respectively. However, Rocky Mountain/West Coast inventories rose by 0.1 million barrels. Notably, beginning with the data for week ending April 10, 2020, U.S. and regional stocks of propylene reported by EIA include only barrels of propylene held at refineries; barrels of propylene held at bulk terminals are excluded.

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