Gas Price Movement-April 30, 2020

April 30, 2020

Brent Oil

Brent oil prices increased by 24.57% or US$5.24, as prices fell this week relative to the prior week. Oil traded on April 30, 2020 at a price of US$26.57 per barrel relative to US$21.33 on April 23, 2020. Brent oil opened 2020 year at US$66.25 per barrel.

Petrojam prices

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$116.92 and J$119.76 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 27, 2020, it was noted that “the U.S. average regular gasoline retail price decreased almost 4 cents from the previous week to $1.77 per gallon, almost $1.11 lower than the prior year.” The West Coast price decreased over 6 cents to $2.45 per gallon, the Rocky Mountain price declined close to 6 cents to $1.81 per gallon, the Gulf Coast price decreased nearly 4 cents to $1.51 per gallon, and both the East Coast price and the Midwest price fell over 3 cents to $1.81 per gallon and $1.48 per gallon, respectively.

The average diesel fuel price in the U.S. decreased more than 4 cents to $2.44 per gallon relative to the previous week, and 73 cents lower when compared to the same period last year. The Gulf Coast price declined more than 6 cents to $2.21 per gallon, the West Coast price fell 4 cents to $2.93 per gallon, while the Midwest price and the Rocky Mountain price both decreased almost 4 cents to $2.29 per gallon and $2.47 per gallon, respectively. Whereas, the East Coast price fell by more than 3 cents to $2.55 per gallon.

Inventories for Propane/propylene decrease

There was an increase in U.S. propane/propylene stocks last week by 0.6 million barrels to 56.8 million barrels as of April 24, 2020. This was 6.7 million barrels (13.3%) higher than the five-year (2015-2019) average inventory levels year over year.

Additionally, Gulf Coast and Rocky Mountain/West Coast inventories experienced decreases by 1.1 million barrels and 0.1 million barrels, respectively. Meanwhile, Midwest and East Coast inventories rose by 0.3 million barrels and 0.2 million barrels, respectively. 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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